On January 1, 2021, Jalen Company purchased land costing $800.000. Instead of paying cash at the time of purchase, Jalen plans to make four installment payments of $215,22164 on June 30 and December 31 in 2021 and 2022. The payments Include Interest at a rate of 6% Required: 1. Record the purchase of land when the note is issued. 2 Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1. Required 2 Required 3 Record the purchase of land when the note is issued. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction that Journal entry worksheet Record the issue of Notes Payable for Land, Notar inte det bord credit General Journal Debit Credit Date January 01, 2021 On January 1, 2021. Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase, Jalen plans to make fout installment payments of $215,22164 on June 30 and December 31 in 2021 and 2022 The payments include Interest at a rate of 6% Required: 1. Record the purchase of land when the note is Issued. 2. Record the first installment payment on June 30, 2021, and the second Installment payment on December 31, 2021. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2021. Complete this question by entering your answers in the tabs below. Required Required? Required 3 Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021. (Do not round Intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction that Journal entry worksheet 2 > Record the payment of first installment on note. Note Enter debats boor credit Date General Journal Debit Credit June 30, 2021 On January 1, 2021, Jalen Company purchased land costing $800.000. Instead of paying cash at the tme of purchase, Jalen plans to make four Installment payments of $215,22164 on June 30 and December 31 in 2021 and 2022. The payments include interest at a rate of 6% Required: 1. Record the purchase of land when the note is issued. 2 Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021. 3. Calculate the balance of Notes Payable and interest Expense on December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the balance of Notes Payable and Interest Expenses on December 31, 2021. (Round your answers to 2 decimal places.) Notes Payable Interest Expense
