Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a(n) 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31, 2024. tequired: Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No ournal Entry Required" in the first account field.) Journal entry worksheet Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a(n) 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31,2024. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a(n) 9%, 15-year mortgage. Installment payments of $4,462.77 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. 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.) Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a bulding for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a(n) 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31,2024. 4. Total payments over the 15 years are $803,299($4,462.77180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.)
