E$-$F:$12-19$ Preparing an amortization schedule and recording mortgages payable entries

Marley Company purchased a building and land with a fair value of $$500,000($building$,$ $$400,000,$ and land, $$100,000)$ on January $1,2025.$ Marley Company signed a $20-$year, $6\%$ mortgage payable. Marley Company will make monthly payments of $$3,582\mathrm{.}16.$ Round to two decimal places. Explanations are not required for journal entries.

Requirements

Journalize the mortgage payable issuance on January $1,2025.$

Prepare an amortization schedule for the first two payments.

Journalize the first payment on January $31,2025.$

Journalize the second payment on February $28,2025.$

Learning Objective $1$

Interest Expense $$2,500\mathrm{.}0$