Journal entry of building purchase-magazine subscription

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Reference no: EM1357317

1) A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000

2) a publisher sells $2,000 in magazine subscription that will be filled over the next 12 months.

Please prepare the journal entries.

Reference no: EM1357317

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