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Business, 25.02.2020 17:48 edjiejwi

Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $436,000 for 20 years at 7% and there is accrued interest of $8,500 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $167,000 and the building at $650,000, and that Northway’s equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest. For a compound transaction, if an amount box does not require an entry, leave it blank.

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Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The buildi...
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