Fixed asset purchases with note

On June $30,$ Collins Management Company purchased land for $$400,000$ and a building for $$560,000,$ paying $$360,000$ cash and issuing a $5\%$ note for the balance, secured by a mortgage on the property. The terms of the note provide for $20$ semiannual payments of $$30,000$ on the principal plus the interest accrued from the date of the preceding payment.

If an amount box does not require an entry, leave it blank.

Question Content Area

a$.$ Journalize the entry to record the transaction on June $30.$

DateAccountDebitCredit

June $30$

Question Content Area

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

DateAccountDebitCredit

Dec. $31$

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c$.$ Journalize the entry to record the payment of the second installment the following June $30.$

DateAccountDebitCredit

June $30$