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. Kelly Company purchased a building and land with a fair market value of $650,000 (building, $475,000 and land, $175.000) on January 1, 2024. Kelly signed a 20-year, 8% mortgage payable. Kelly will make monthly payments of $5,436.86, 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. Excludo explorations from any journal entries.) Date Accounts Debit Credit 2024 Jan. 1 Building Land Mortgage Payable 475,000.00 175,000.00 650,000.00 Requirement 2. Prepare an amortization schedule for the first two payments (Round all numbers to the nearest cont.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2024 1/31/2024 2/28/2024