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On June 30, Rioux Management Company purchased land for $560,000 and a building for $840,000,...

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Accounting

On June 30, Rioux Management Company purchased land for $560,000 and a building for $840,000, paying $700,000 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 $35,000 on the principal plus the interest accrued from the date of the preceding payment. For a compound transaction, if an amount box does not require an entry, leave it blank.

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