Jan 7: Purchased a building with a market value of $80,000, and land with a market value of $23,000. The business paid $40,000 cash and signed a note payable to the bank for the remaining amount. Beview the journal entry.you are CASH Account No. 101 Balance Date Hem Post. Ref. Debit Credit Debit Credit 2024 Jan. 1 Jan. 4 J1 64,000 64,000 21 1,100 65,100 Jan 7 LAND Account No. 141 Balance Date Item Post Ref. Debit Credit Debit Credit 2024 Jan. 7 BUILDING Date 2024 Jan 7 NOTES PAYABLE 2024 Date Account No. 151 Balance Post Ref Debit Credit Debit Credit Account No. 221 Balance Hem Post Ref Debit Cred Debit Credit