[The following information applies to the questions displayed below.]

On January 1, 2024, Stoops Entertainment purchases a building for $420,000, paying $120,000 down and borrowing the remaining $300,000, signing a(n) 8%, 15-year mortgage. Installment payments of $2,866.96 are due at the end of each month, with the first payment due on January 31, 2024.

Required: 1. Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)