3-6. 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.) Interest Expense Reducing the Carrying Value First payment Required information The following information applies to the questions displayed below.) On January 1, 2021, Stoops Entertainment purchases a building for $590,000, paying $100,000 down and borrowing the remaining $490,000, signing a 7%, 10-year mortgage. Installment payments of $5,689.32 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (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.) View transaction list View journal entry worksheet No General Journal Debit Credit 1 Date January 31, 2021 Notes Payable Interest Expense Cash 2,830.99 2,858.33 5,689.32