Carl's Carpentry Purchased $10,000 of Land and a Building for $40,000.The

Multiple Choice

Carl's Carpentry purchased $10,000 of land and a building for $40,000.The company paid $20,000 cash and signed a long-term note for the amount still owed.How would the company record this transaction?

A) Debit Land for $50,000 and credit Cash for $50,000.
B) Debit Land for $10,000,debit Building for $40,000 and credit Cash for $50,000.
C) Debit Cash for $20,000,debit Notes Payable for $30,000,credit Land for $10,000,and credit Building for $40,000.
D) Debit Land for $10,000,debit Building for $40,000 credit Cash for $20,000,and credit Notes Payable for $30,000.
E) Debit Building for $20,000 and Notes Payable for $20,000.