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Ember purchased a building with a market value of $400,000 and land with a market value of $25,000 on January 1, 2016. Ember paid $50,000
Ember purchased a building with a market value of $400,000 and land with a market value of $25,000 on January 1, 2016. Ember paid $50,000 cash and signed a 15-year, 6% mortgage payable for the balance.
Requirements
1. | Journalize the January 1, 2016 purchase. |
2. | Journalize the first monthly payment of $3,164 on January 31, 2016. |
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