Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, Howell Enterprises purchases a building for $349,000, paying $59,000 down and borrowing the remaining $290,000, signing a 8%, 10-year mortgage. Installment payments of $3,518.50 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?

Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places. Do not round intermediate calculations.)