Question: Marsh Company purchased a building and land with a fair value of $550,000 (building, $375,000 and land, $175,000) on January 1, 2025. Marsh Company signed a 20-year, 6% mortgage payable. Marsh Company will make monthly payments of $3,940.37. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2025. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Jan. 1, 2025 Building 375,000.00 Land 175,000.00 Mortgage Payable 550,000.00 Requirement. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2025 $ 550,000.00 1/31/2025 $ 550,000.00 2/28/2025