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Company purchased a building with a market value of $260,000 and land with a market value of $60,000 on January 1, 2024. Eva Company paid $20,000 cash and signed a 20-year, 6% mortgage payable for the balance.
Required:
a. Journalize the January 1, 2024, purchase.
b. Journalize the first monthly payment of $2,149 on January 31, 2024. (Round to the nearest dollar.)
Answers: 2
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Company purchased a building with a market value of $260,000 and land with a market value of $60,000...
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