Purchased land and a building from gretchen northway

Reference no: EM131116968

Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $178,400 for 20 years at 6%, and there is accrued interest of $5,200 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $58,100 and the building at $226,700 and that Gretchen Northway's equity will be exchanged for stock at par.

Reference no: EM131116968

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