how do I calculate mortgage payable?

Sav Homework: chapter 1 Score: 0 of 1 pt 8 of 14 (7 complete HW Score: 50%, 7 of 14 Question 8, S12-2 (similar to) Question Help Ela Company purchased a building with a market value of $305,000 and land with a market value of $25,000 on January 1, 2018. Ella Company paid $15,000 cash and signed a 15-year, 12% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2. Journalize the first monthly payment of 53,781 on January 31, 2018. (Round to the nearest dollar) Requirement 1. Journalize the January 1, 2018, purchase. (Record debits first, then credits. Select explanations on the last line of the journal entry) Date Accounts and Explanations Debit Credit 2018 Jan Building 305,000 Land 25,000 Mortgage Payable Cash 15,000 Purchased building and land with a mortgage and cash payment NO