On June 1, the Southern Oil Company purchases a warehouse from F. S. Brandon for \(\$ 60.000\), of which \(\$ 10,000\) is assigned to the land and \(\$ 50,000\) to the building. There is a mortgage on the property payable to the Dixie National Bank, which, together with the accrued interest, will be assumed by the purchaser. The balance due on the mortgage is \(\$ 24,000\). The mortgage provides that interest at the rate of 10 percent per annum on the unpaid balance, and \(\$ 2,000\) of the principal will be paid on April 1 and October 1 of each year. A 10 -year second mortgage for \(\$ 15,000\) is issued to F. S. Brandon; it bears interest at the rate of 12 percent per annum, payable on June 1 and December 1. A check is drawn to complete the purchase.

Prepare journal entries for the Southern Oil Company for June 1, October 1, and December 1, which closes its books once a year on December 31.