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On January $1,2024,$ Birmingham Enterprises purchases an office building for $$272,000,$ paying $$52,000$ down and borrowing the remaining $$220,000,$ signing a $9\%,10-$year mortgage. Installment payments of $$2,786\mathrm{.}87$ are due at the end of each month, with the first payment due on January $31,2024.$

$3-$a$.$ How will the first monthly mortgage payment on January $31,2024,$ affect the financial statements?

$3-$b$.$How much of the first payment goes to interest expense, and how much goes to reducing the carrying value of the loan?

Complete this question by entering your answers in the tabs below.

How will the first monthly mortgage payment on January $31,2024,$ affect the financial statements?

Note: Do not round intermediate calculations. Round your final answers to $2$ decimal places. Amounts to be deducted should be indicated by a minus sign.

$\backslash$table$[[$Balance Sheet,Income Statement$],[$Assets$,$Liabilities,Stockholders' Equity,Revenues,Expenses,No$],[$Common Stock,Rotained Earnings$],[C,$$$,(2,786\mathrm{.}87),$Notes Payable,,,Interest Expense,$$,1,650\mathrm{.}00,],[,,,,,,,,,,]]$