Prepare the journal entry for the following transaction: The business acquired land by paying \$50,000 in cash and signing a promissory note for \$250,000

Baker Corporation operates retail stores and has decided to expand its operations. The company must decide where locate and how to finance the expansion. Identify the financial statement where the decision makers can find the following information about Baker. Financial statement Information requested Current liabilities Repayments of borrowed funds Receivables Cost of goods sold Prepaid expenses Net increase (decrease) in cash