with explanations

IV. On November 1, 2019, Nydegger Company arranges with an insurance company to borrow $400,000 on a 30-year mortgage to purchase land and a building to be used in its operations. The land and the building are pledged as collateral for the loan, which has an annual interest rate of 12%, compounded monthly. The monthly payments of $4,114 are made at the end of each month, beginning on November 30, 2019. Instructions ( @3 X 3.9%) (a) Prepare the journal entry to record the purchase of the land and building, assuming that $75,000 of the purchase price is assignable to the land. (b) Prepare the journal entries on November 30 and December 31 for the monthly payments on the mortgage