On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. Journalize the entry to record:
a. The transaction on June 30
b. The payment of the first installment on December 31
c. The payment of the second installment the following June 30.
Assume a 360-day year.
Answers: 1
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