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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 $$500,000,$ paying $$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 $31,2024.$

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

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Record the purchase of the building on January $1,2024.($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$