Lally Co. issues a $500,000, 25-year, 3% note payable on April 30, 2024, for cash. The terms provide for monthly instalment payments. Prepare the journal entries to record the mortgage loan on April 30, 2024, and the first two payments on May 31, 2024, and June 30, 2024, assuming the payment is: 

a. A fixed principal payment of $1,669 (round to the nearest dollar). 

b. A blended payment of $2,371 (round to the nearest dollar).