Fored Asset Purchases with Note On June 30 , Collins Management Company purchased land for $560,000 and a building for $840,000, paying $700,000 cash and issuing a 7% note for the balance secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $35,000 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. a. Journalize the entry to record the transection on June 30 . Jut b. Journalize the entry to record the payment of the first instaliment on December 31 . c. Journalize the entry to record the payment of the second installment the following June 30 , June 30 Notes Payable