### Kanta Company Mortgage Transaction Analysis**Scenario Overview:**Kanta Company acquired a building and land with a combined fair market value of $600,000 as of January 1, 2024. The breakdown includes $425,000 for the building and $175,000 for the land. Kanta has taken a 30-year mortgage at an interest rate of 13% and will make monthly payments of $6,637.20. All values should be rounded to two decimal places. No explanations are needed for journal entries.**Journal Entry Requirement:**1. **Task:** Journalize the mortgage payable issuance on January 1, 2024.2. **Instructions:** Record debits first, then credits, and exclude any explanations.#### Journal Entry Table| Date | Accounts | Debit | Credit ||----------|----------|-------|--------|| 2024 | | | || Jan. 1 | | | |**Detailed Requirements:**1. **Journalize the mortgage payable issuance** on January 1, 2024.2. **Prepare an amortization schedule** for the first two payments.3. **Journalize the first payment** on January 31, 2024.4. **Journalize the second payment** on February 28, 2024.**Instructions Interface:**The requirements and tasks are displayed within an interface box titled "Requirements." This box provides options to either "Print" or mark the task as "Done."This educational task aims to help learners understand how to record mortgage transactions, handle amortization schedules, and prepare journal entries systematically.

Answer :1) Date Account title Debit Credit 1 Jan 2024 Land and building a/c Dr. $600,000…

Answered: ance on January 1, 2024. (Record debits…

Business

Accounting

ance on January 1, 2024. (Record debits first, then credits. Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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