Prepare the journal entry for the following transaction:
The business acquired land by paying $50,000 in cash and signing a promissory note for $250,000.

Name: Prepare the journal entry for the following transaction: The business acquired land by paying $50,000 in cash and signing a promissory note for $250,000.
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The Answer of Prepare the journal entry for the following transaction:
The business acquired land by paying $50,000 in cash and signing a promissory note for $250,000.

Prepare the Journal Entry for the Following Transaction