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Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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