Required information [The following information applles to the questions displayed below] On January 1, 2024, Stoops Entertainment purchases a building for $420,000, paying $100,000 down and borrowing the remaining $320,000, signing a(n) 7%,20-year mortgage. Instaliment payments of $2,480.96 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 omortization 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 $420,000, paying $100,000 down and borrowing the remaining $320,000, signing a(n) 7%,20-year mortgage. Installment payments of $2,480.96 are due at the end of each month, with the first payment due on January 31,2024 3-a. Record the first monthly mortgoge 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 credita Required information [The following information applies to the questions displayed below] On January 1,2024, Stoops Entertainment purchases a building for $420,000, paying $100,000 down and borrowing the remaining $320,000, signing a(n) 7%,20-year mortgage. Installment payments of $2,480.96 are due at the end of each month, with the first payment due on January 31,2024. 4. Total payments over the 20 years are $595,430($2,480.96240 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.) Required information [The following information applies to the questions displayed below] On January 1,2024 , Stoops Entertainment purchases a bullding for $420,000, paying $100,000 down and borrowing the remaining $320,000, signing a(n) 7%,20-year mortgage. Installment payments of $2,480,96 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.)
