Requirements 1. Journalize the mortgage payable issuance on January 1, 2024. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2024. 4. Journalize the second payment on February 28, 2024. Kanta Company purchased a building and land with a fair market value of $600,000 (building, $375,000 and land, $225,000) on January 1, 2024. Kanta signed a 30-year, 13% mortgage payable. Kanta will make monthly payments of $6,637.20. Round to two decimal places. Explanations are not required for journal entries. Read the requirements Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2024 Jan. 1 Building Land Accounts Mortgage Payable Debit Credit 375,000.00 225,000.00 600,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Balance Principal Payment Interest Total Ending Expense Payment Balance 1/1/2024 1/31/2024 600000 2/28/2024