(Answered) On june 30 rioux management company purchased land for

Accounting

On June 30, Rioux Management Company purchased land for $400,000 and a building for $600,000, paying $500,000 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 $25,000 on the principal plus the interest accrued from the date of the preceding payment.

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