! Required information [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $294,000, paying $54,000 down and borrowing the remaining $240,000, signing a 7%, 10-year mortgage. Installment payments of $2,786.60 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly rtgage yment on January 31, 2021. (If no entry is required for a pa ular transaction/event, s "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is complete and correct. No Date General Journal Debit Credit 1 January 31, 2021 Interest Expense Notes Payable 1,400.00 1,386.60 Cash 2,786.60 3-b. 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.) Interest Expense Reducing the Carrying Value First payment