Fored Asset Purdiases with Noto On June 30, Collins Managenvent Company purchased land for $240,000 and a building for $300,000, saying $300,000 cash and issuling a 85 note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semlannual parments of $15,000 on the principal phes the interest accued from the date of the preceding fiayment. If an amount box does not require an entry, leave it Btank. 4. Journafize the entry to record the transaction on Junt 30 . Fositer totes Uywhe T check Mr Wax Pay attention to dates and remember that all interest rates are expresed in annual terms. What alfoct will this installment payment have on the amount owed? c. lournalize the entry to recond the payment of the second iostallment the following Jue 30 . Jiane 3 Ftallaw totais by wot in annual tempi