On June Collins Management Company purchased land for $640,000 and a building for $950,000, paying $800,000 cask and issuing a 8% for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of \$40,000 on the principal plus the interest accrued from the date of the preceding payment. an box does not require an entry, leave it

a. Journalize the entry to record the transaction on June 30. June 30 1010 b. Journalize the entry to recorarthe payment of the first installment on December 31. Dec. 31 c. Journalize the entry to record the payment of the second installment the following June 30. June 30 lul lll