Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, Birmingham Enterprises purchases a building for $195,000, paying $45,000 down and borrowing the remaining $150,000, signing a 8%, 10-year mortgage. Installment payments of $1,819.91 are due at the end of each month, with the first payment due on January 31, 2024.

3-a. Record the first monthly mortgage payment on January 31, 2024. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan?