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On January 1, 2024, Birmingham Enterprises purchases a building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 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?

Required information [The following information applies to the questions displayed below.] On January 1,2024 , Birmingham Enterprises purchases a bullding for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%,10-year mortgage. Installment payments of $1,45,5.93 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. 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.) Required information [The following information applies to the questions displayed below.] On January 1,2024, Birmingham Enterprises purchases a building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Instaliment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31,2024. -a. Record the first monthly mortgage payment on January 31,2024. 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. Recosd the first monthly mortgage payment an January 31, 2024. (If no entry is required for a particular trensaction/event, select "No Jocirnal Entry Required" in the first account field: Do pot round intermediate calculations. ficund your final answers to 2 decimal places.) Journal entry worksheet