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Seaside needed additional space and purchased a warehouse

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Seaside needed additional space and purchased a warehouse to remodel and the land around it. Prior to arranging permanent financing, Seaside signed a short term construction note payable. The terms of the note are 50000, 90 days at 16%. The building value was determined to be 40,000.
My journal entry is: Land 10000
Warehouse 40000
Note payable 50000

Reference no: EM13606312

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