Required information

Problem $9-1$B $($Algo$)$ Record and analyze installment notes $($LO$9-2)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Stoops Entertainment purchases a building for $$540,000,$ paying $$120,000$ down and borrowing the

remaining $$420,000,$ signing a$($n$)8\%,10-$year mortgage. Installment payments of $$5,095\mathrm{.}76$ are due at the end of each

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

Problem $9-1$B $($Algo$)$ Part $3$

$3-$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?