June 16:Byte purchased a building and the land it is on for $101,000, to house its repair facilities and to store computer equipment.The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building.Byte made a cash down payment of $10,100and executed a mortgage for the balance.The mortgage is payable in eight equal annual installments beginning July 1.

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