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 $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a 8%, 15-year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 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. Date General Journal Debit 2,600.00 Credit January 31, 2021 Interest Expense Notes Payable Cash 3,727.04 Record entry Clear entry View general journal 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