Eva

Company purchased a building with a market value of

$305,000

and land with a market value of

$60,000

on January 1,

2018.

Eva

Company paid

$45,000

cash and signed a

25-year,

12%

mortgage payable for the balance.

Requirements

1.	Journalize the January 1, 2018, purchase.
2.	Journalize the first monthly payment of $3,370 on January 31, 2018. (Round to the nearest dollar.)

Requirement 1. Journalize the January 1,

2018,

purchase. (Record debits first, then credits. Select explanations on the last line of the journal entry.)

Date		Accounts and Explanations	Debit	Credit
2018
Jan. 1

Requirement 2. Journalize the first monthly payment of

$3,370

on January 31,

2018.

(Round to the nearest dollar.) (Record debits first, then credits. Select explanations on the last line of the journal entry.)

Date		Accounts and Explanations	Debit	Credit
2018
Jan. 31

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