On January $1,2024,$ Stoops Entertainment purchases a building for $$500,000,$ paying $$100,000$ down and borrowing the

remaining $$400,000,$ signing a$($n$)7\%,15-$year mortgage. Installment payments of $$3,595\mathrm{.}31$ are due at the end of each

month, with the first payment due on January $31,2024.$Journal entry worksheet

$1)$

Record the purchase of the building.

Note: Enter debits before credits. $2)$ Complete the first three rows of an amortization schedule. $($Do not round intermediate calculations. Round your final answers to $2$

decimal places. $3)$ Total payments over the $15$ 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