from Cengage Learning - Google Chrome ssignmentMain.do?invoker=&take AssignmentSessionLocator&inprogress=false Recall that shares of stock may be issued for other purposes besides receiving cash. Why were the shares issued? c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $422,000 for 20 years at 7% and there is accrued interest of $6,500 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $244,000 and the building at $630,000, 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. Land 244,000 Building 630,000 Interest Payable 6.500 Mortgage Note Payable Common Stock Check My Work Remember you are looking at this information from the company's perspective. What is the company acquiring? What is the company taking on with respect to these assets? Feedback Previous Next Check My Work from Cengage Learning - Google Chrome ssignmentMain.do?invoker=&take AssignmentSessionLocator&inprogress=false Recall that shares of stock may be issued for other purposes besides receiving cash. Why were the shares issued? c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $422,000 for 20 years at 7% and there is accrued interest of $6,500 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $244,000 and the building at $630,000, 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. Land 244,000 Building 630,000 Interest Payable 6.500 Mortgage Note Payable Common Stock Check My Work Remember you are looking at this information from the company's perspective. What is the company acquiring? What is the company taking on with respect to these assets? Feedback Previous Next Check My Work