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General journal entry for the following: Purchased land and an office building for $140,000, of which $20,000 was attributable to the fair market value of
General journal entry for the following:
Purchased land and an office building for $140,000, of which $20,000 was attributable to the fair market value of the land. A $50,000 cash down payment was made and a 5% five-year note was signed for the balance. Interest and 20% of the principal will be paid annually on this date. (Assume a 360-day year for interest computation purposes.)
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