On January $1,2024,$ Cooke Company purchased land costing $$720,000.$ Instead of paying cash at the time of purchase, Cooke plans to make four installment payments of $$193,699\mathrm{.}47$ on June $30$ and December $31$ in $2024$ and $2025.$ The payments include interest at a rate of $6\%.$

Required:

Record the purchase of land when the note is issued.

Record the first installment payment on June $30,2024,$ and the second installment payment on December $31,2024.$

Calculate the balance of Notes Payable and Interest Expense on December $31,2024.$

Complete this question by entering your answers in the tabs below.

Record the purchase of land when the note is issued.

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

$1$

Record the issue of Notes Payable for Land.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit:,Credit$],[$January $01,2024,$Land,,$720,000,],[,$Notes Payable,,,$],[,,,,],[,,,,],[,,,,],[,,,,]]$