Show Me How Fixed Asset Purchases with Note On June 30, Collins Management Company purchased land for $240,000 and a building for $360,000, paying $300,000 cash and issuing a 6% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $15,000 on the principal plus the interest accrued from the date of the preceding payment. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the transaction on June 30. 360,000 June 30 Building Land 240,000 Notes Payable 300,000 Cash 300,000 Feedback Check My Work acquiring and how they are paying for this purchase. Determine what the company Learning Objective 1. b. Journalize the entry to record the payment of the first installment on December 31. 15,000 Previous Next Dec 31 Notes Payable Check My Work Save and Edit Sun Atent for Grace All work saved b. Journalize the entry to record the payment of the first installment on December 31. Dec. 31 Notes Payable 15,000 Interest Expense Cash Feedback Check My Work Pay attention to dates and remember that all interest rates are expressed in annual terms. What affect will this installment payment have on the amount owed?