Your answer is correct. Determine the missing amounts (Round answers to decimal places, eg. 125.) Beginning Loan Balance Payment Interest Payment 1 $420,000 S 7364 (1) $2,800 Payment 2 415,436 7,364 2770 Payment 3 410,842 7,364 2.739 Payment 4 406217 (5) 7,364 2708 0.51/1 3 Prepare the journal entries to record the inception of the loan and the first two monthly payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 420000 Mortgage Payable 420000 (To record the inception of the mortgage) Interest Expense Cash (To record the first monthly payment) Interest Expense Cash (To record the second monthly payment)