Kanta company purchased a building and land with a fair market value of $ 550 comma 000 (building, $ 400 comma 000 and land, $ 150 comma 000) on january 1, 2018. kanta signed a 20-year, 6% mortgage payable. kanta will make monthly payments of $ 3 comma 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, 2018.