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On January $1,2024,$ Stoops Entertainment purchases a bullding for $$420,000,$ payling $$110,000$ down and borrowing the

remaining $$310,000,$ signing a$($n$)9\%,10-$year mortgage. Installment payments of $$3,926\mathrm{.}95$ 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?

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

Record the first monthly mortgage payment on January $31,2024.($If no entry is required for a particular transaction$/$event$,$ select $"$No

Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to $2$ decimal places.$)$

Journal entry worksheet

Record the first monthly mortgage payment.

Note: Enter debits before credits.