Garotia Company buys a building on a plot of land for $115,000, paying $30,000 cash and signing a 30-year mortgage note for $85,000 at 11%. The payment will be made in equal monthly installments of $809. Provide the journal entry for the first monthly payment. (Round your answers to nearest whole dollar number).

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The Answer of Garotia Company buys a building on a plot of land for $115,000, paying $30,000 cash and signing a 30-year mortgage note for $85,000 at 11%. The payment will be made in equal monthly installments of $809. Provide the journal entry for the first monthly payment. (Round your answers to nearest whole dollar number).

Garotia Company Buys a Building on a Plot of Land