Ember company purchased a building with a market value of $280,000 and land with a market value of $55,000 on january 1, 2018. ember company paid $15,000 cash and signed a 25-year, 12% mortgage payable for the balance.
requirements
1. journalize the january 1, 2018,purchase.
2. journalize the first monthly payment of $3,370 on january 31, 2018. (round to the nearest dollar.)
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