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. Kahl Company purchased a building and land with a fair market value of $550,000 (building, $325,000 and land, $225,000) on January 1, 2024. Kahl signed a 20-year, 6% mortgage payable. Kahl will make monthly payments of $3,940.37. Round to two decimal places. Explanations are not required for joumal entries. Read the fequirements Requirement 1. Joumalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Dato Accounts Debit Credit 2024 Jan. 1 Land 225,000.00 325,000.00 Building Mortgage Payable 550,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2024 550000.00 1/31/2024 550000.00 275000 2/28/2024 548809.63 274404