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Question content area top Part 1 Kelly Company purchased a building and...

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Accounting

Question content area top
Part 1
Kelly Company purchased a building and land with a fair value of $ 575 comma 000(building, $ 325 comma 000 and land, $ 250 comma 000) on January1,2025. Kelly Company signed a 25-year, 15% mortgage payable. Kelly Company will make monthly payments of $ 7 comma 364.78. Round to two decimal places. Explanations are not required for journal entries.
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Question content area bottom
Part 1
Requirement 1. Journalize the mortgage payable issuance on January1,2025.(Record debits first, then credits. Exclude explanations from any journal entries.)
Date
Accounts
Debit
Credit
Jan. 1,2025
Building
325,000.00
Land
250,000.00
Mortgage Payable
575,000.00
Part 2
Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.)
Beginning Balance
Principal Payment
Interest Expense
Total Payment
Ending Balance
1/1/2025
1/31/2025
$575,000.00
2/28/2025

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