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jprevot
Nov 16, 2009, 08:17 PM
How would I make a journal entry for this question :
Purchased land and an office building for $150,000, of which $120,000 was attributable to the fair market value of the building. A $50,000 cash down-payment was made and a 6% five-year note was signed for the balance. Interest and 20% of the principal will be paid annually on this date. (Assume a 360-day year for interest computation purpose).

morgaine300
Nov 18, 2009, 08:27 PM
Please see the guidelines at the top of this forum for posting homework problems:
https://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html

Have you attempted this yet?