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Company Y buys a building on a plot of land for $100,000, paying $20,000 cash and signing a 20- year installment note for $80,000

Company Y buys a building on a plot of land for $100,000, paying $20,000 cash and signing a 20- year installment note for $80,000 at 6%. Monthly payments are $573.14. Prepare the following journal entries: a) to record the installment note b) the journal entry to record the second monthly payment.

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