er 9 Homework Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compl 7 of 4 Required information The following information applies to the questions displayed below.) On January 1, 2021, Stoops Entertainment purchases a building for $600,000, paying $120,000 down and borrowing the remaining $480,000, signing a 8%, 20-year mortgage Installment payments of $4,014.91 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.) Answer is not complete. General Journal No Debit Credit 1 January 31, 2021 Interest Expense Notes Payable Cash OOO 3-b. 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.) Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate complu of 4 Required Information [The following information applies to the questions displayed below.) On January 1, 2021, Stoops Entertainment purchases a building for $600,000, paying $120,000 down and borrowing the remaining $480,000, signing a 8%, 20-year mortgage. Installment payments of $4,014.91 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 20 years are $963,578 ($4,014.91 240 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Answer is not complete. Interest expense Actual payments on the loan 480,000 Prey 18 of 18 Next