On January $1,2024,$ Stoops Entertainment purchases a building for $$560,000,$ paying $$100,000$ down and borrowing the remaining $$460,000,$ signing a$($n$)7\%,10-$year mortgage. Installment payments of $$5,340\mathrm{.}99$ are due at the end of each month, with the first payment due on January $31,2024.$Problem $9-1$B $($Algo$)$ Part $4$

$4.$ Total payments over the $10$ years are monthly payments$).$ How much of this is interest expense and how much is actual payment of the loan? $($Round your final answers to the nearest whole dollar amount.$)$

$$

Interest expense

Actual payments on the loan$3-$a$.$ Record the first monthly mortgage payment on January $31,2024.$

$3-$b$.$ How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan?

Complete this question by entering your answers in the tabs below.

Req $3$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. Do not round intermediate calculations.$)$

$\backslash$table$[[,\backslash$table$[[$Interest$],[$Expense$]],\backslash$table$[[$Reduction in$],[$Carrying Value$]]],[$First payment,,$]]$Record the first monthly mortgage payment on January $31,2024.($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.$)$

Journal entry worksheet

$1$

Record the first monthly mortgage payment.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $31,2024,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$Complete the first three rows of an amortization schedule. $($Do not round intermediate calculations. Round your final answers to $2$ decimal places.$)$

$\backslash$table$[[$Date$,$Cash Paid,Interest Expense,Decrease in Carrying Value,Carrying Value$],[1/1/2024,,,,],[1/31/2024,,,,],[2/29/2024,,,,]]$Journal entry worksheet

$$

$1$

Record the purchase of the building.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,$Buildings,$560,000,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

$$

$$

$$