Please do everything with a red X

On June 30, Collins Management Company purchased land for $480,000 and a building for $720,000, paying $600,000 cash and issuing a 8% 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 the preceding payment. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the payment of the first installment on December 31 . Dec. 31 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? Learning Objective 1 c. Journalize the entry to record the payment of the second installment the following June 30 . June 30 x