on June 1, 2002 Bellamy cooperation borrowed $400,000 on a 15 years’ mortgage to purchase land and a building. the land and building are pledged as

collateral on the damage, which has an annual interest rate of 12 percent compounded monthly, the monthly payments of $4,800 are made at the end of each month, beginning on June 30, 2002 (round the amount to the nearest dollar)

a.    Prepare the journal entry for the purchase of the land and building, assuming that $100,000 is assigned to the land and the remaining amount is assignable to the building.

b.    Prepare journal entries for the monthly payments on June 30, and july31, round the amount to nearest dollar.

c.    Calculate the balance in the mortgage liability account after the july31 payment.