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Prepare the journal entry for the purchase of the land

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Question (a) Discuss how MacDougall Corporation would determine a value for the land in recording the purchase from Silverman Corporation.

Question (b) What is the difference between a promissory note payable and a mortgage note payable? Why would Silverman Corporation insist on obtaining a mortgage note payable from MacDougall Corporation?

Question (c) Calculate the purchase price of the land and prepare an effective-interest amortization table for the term of the mortgage note payable that is given in the exchange.

Question (d) Prepare the journal entry for the purchase of the land.

Reference no: EM132466114

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