Required information Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.) On January 1, 2021, Stoops Entertainment purchases a building for $420,000, paying $110,000 down and borrowing the remaining $310,000, signing a 9%, 10-year mortgage. Installment payments of $3,926.95 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B 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.) Answer is complete but not entirely correct. No 1 Date General Journal January 01, 2 Buildings Cash Accounts Payable Debit Credit 450,000 100,000 350,000 Problem 9-1B Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021 Problem 9-1B Part 3 3-a. 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.) View transaction list Journal entry worksheet 1 > Record the first monthly mortgage payment. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 Record entry View general journal Clear entry 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) Interest Expense Reducing the Carrying Value First payment Problem 9-1B Part 4 4. Total payments over the 10 years are $471,234 ($3,926.95 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan