Problem 9-1A Record and analyze installment notes (LO9-2)

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On January 1, 2021, Gundy Enterprises purchases an office building for $195,000, paying $45,000 down and borrowing the remaining $150,000, signing a 8%, 10-year mortgage. Installment payments of $1,819.91 are due at the end of each month, with the first payment due on January 31, 2021.

rev: 04_05_2019_QC_CS-165219

Problem 9-1A Part 1

Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

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.)

Total payments over the 10 years are $218,389 ($1,819.91 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan?