on June 1, 2002 Bellamy cooperation borrowed $400,000 on a 15 years’ mortgage to purchase land and a building. the land and building are pledged as
collateral on the damage, which has an annual interest rate of 12 percent compounded monthly, the monthly payments of $4,800 are made at the end of each month, beginning on June 30, 2002 (round the amount to the nearest dollar)
a. Prepare the journal entry for the purchase of the land and building, assuming that $100,000 is assigned to the land and the remaining amount is assignable to the building.

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