=+c. Purchased land and a building from Melody Leimbach. The building is mortgaged for $400,000 for 20 years at 7%, and there is accrued interest of $7,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at

$125,000 and the building at $600,000, and that Melody Leimbach’s equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest.

Journalize the entries to record the transactions.