j asearch race gagenow.com/irn/takeAssignment/taleAssignmentMain Calculator Show Me How eBook 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 596 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. For a compound transaction, if an amount box does not require an entry, leave it blank Journalize the entry to record the transaction on June 30 a. $60,000 June 30 Building Land 400,000 V Notes Payabl 0.00 360,000 V Check My Work Determine what the company is acquiring and how they are paying for this purchase Learning Objective 1 b. Journalize the entry to record the payment of the first installment on December 31. Dec. 31 Notes Payable v 30,000 Next Previous Check My Work