Problem 9-1A Record and analyze installment notes (LO9-2) Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $338,000, paying $58,000 down and borrowing the remaining $280,000, signing a 9%, 10-year mortgage. Installment payments of $3,546.92 are due at the end of each month, with the first payment due on January 31, 2021.

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.)