On January 1, 2018, Stoops Entertainment purchases a building for $420,000, paying $110,000 down and borrowing the remaining $310,000, signing a 9%, 10-year mortgage. Installment payments of $3,926.95 are due at the end of each month, with the first payment due on January 31, 2018.
1. Record the purchase of the building on January 1, 2018.
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