! Required Information Problem 9-1A Record and analyze installment notes (LO9-2) [The following information applies...
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! Required Information Problem 9-1A Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021. Gundy Enterprises purchases an office building for $206,000. paying $45.000 down and borrowing the remaining $160.000. signing a 9%, 10-year mortgage. Installment payments of $2.026.81 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1A Part 3 3-a. Record the first monthly mortgage payme 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 Record the first monthly mortgage payment. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 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
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