June 16: Byte purhased a building and the land it is on for $131,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $21,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.

My Answer:
Dr. Land $131,000
Dr. Building Cost $21,000
Cr. Cash $13,100
Cr. Mortgage Payable $138,900

Dr. Land $131,000 incorrect 21,000
Dr. Building Cost $21,000 incorrect 110,000
Cr. Cash $13,100 correct
Cr. Mortgage Payable $138,900 incorrect 117,900