Prepare the general journal entries for the following transactions. 2. Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 down and signed a mortgage to be paid over 20 years. Depreciation is computed using the straight-line method. The building has an estimated salvage value of $75,000 and an estimated life of 20 years. Jan. 2 Dec. 31 Page 1 GENERAL JOURNAL Post Ref. Debit Credit Date Jan. 2 Land Description Building Cash Mortgage Payable Dec. 31 Depreciation Expense DBuilding Accumulated Depreciationl Building