Fixed asset purchases with note On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 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 . b. Joumalize the entry to record the payment of the first instaliment on December 31 . Feesback *Check My Work. Pay attention to dates and remember that all interest rates are expressed in annual tems. What affect will this instaliment paymant have on the amount owed? c. Journalize the entry to record the payment of the second installment the following June 30