Required Information The following information applies to the questions displayed below) On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44,000 down and borrowing the remaining $140,000, signing a 7%, 10-year mortgage, Installment payments of $1,625

Required Information The following information applies to the questions displayed below) On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44,000 down and borrowing the remaining $140,000, signing a 7%, 10-year mortgage, Installment payments of $1,625.52 are due at the end of each month, with the first payment due on January 31, 2021 Required: 1. Record the purchase of the building on January 1, 2021. Of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction liat Journal entry worksheet 1 Record the purchase of the building. Required information Journal entry worksheet < > Record the purchase of the building. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Required information 1 Record the first monthly mortgage payment. Note: Enter debits before credits. Date General Journal Debit Credit 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 4)Total payments over the 10 years are $195,062 ($1.625.52 * 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