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).
