Exercise #$3$ Star Co$.$ purchased a building and land with a market value of $$550,000($including building $$425,000$ and land $$125,000)$ on January $1,2020.$ Star Co$.$ signed a $20-$year,

$6\%$ mortgage payable for $$550,000.$ Star Co$.$ will make monthly payments of $$3,940\mathrm{.}37$ starting January $31,2020.$

Requirement: $1)$ Answer the three questions on mortgage payable and interest expense on Jan. $31,2020.$ Show your calculations with excel functions, $2)$ journalize the entry for

purchasing the building and land with mortgage payable on Jan. $1,2020,$ and $3)$ journalize the first monthly payment entry on Jan. $31,2020.$

Type the debit$/$credit account titles into the cells, $2)$ dollar amounts in the entries and three questions should be answered with plus, minus, multiplication, division,

Instructions:

and cell referencing functions where applicable, $3)$ format dollar amounts with the number function, round numbers to two decimal places, and use thousand separator,

and $4)$ use the indent function for credit accounts $($use the indent button on the Home tab, click on it twice$).$

Use excel functions

Use excel functions

Use excel functions

Use excel functions