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    Jun 3, 2014, 07:34 PM
    Accounting II
    On June 30, Rioux Management Company purchased land for $720,000 and a building for $1,080,000, paying $900,000 cash and issuing a 7% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $45,000 on the principal plus the interest accrued from the date of the preceding payment.
    For a compound transaction, if an amount box does not require an entry, leave it blank.
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    a. Journalize the entry to record the transaction on June 30.




    b. Journalize the entry to record the payment of the first installment on December 31.

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