Record and analyze installment notes (LO9-2) Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $480,000, paying $120,000 down and borrowing the remaining $360,000, signing a 8%, 15-year mortgage. Installment payments of $3,440.35 are due at the end of each month, with the first payment due on January 31, 2021.

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.)