Paid light Co the balance due after deducting the discount 17 Sold merchandise that tost $900 to CUSTOM!RS for $1,800 COSh.under FOB shipping point Sales are sublet to a 7% sales tax. Paid cash for office equipment installation and testing $800. Purchased a patent for $45,800. Issued 160,000 shares of $6 par value stock for land valued at $350,000. Purchased land and building for $400,000 cash. The appraised values are building, $422,500. and land, S277.S00. Paid cash for fill and clearing land $5,800. Paid cash for insurance during office equipment transit $900. Paid cash for Delinquent real estate taxes on land assumed $6,500. Received the balance due from Art Co. For the invoice dated Oct 15, net of discount. Purchased 12% bonds, having a maturity value of $705,000, forS522,744. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. Hi and l.ois Company uses the effective-interest method to allocate unamortized discount or premium. The bonds arc classified in the held-to-maturity category. Asked Client to accept a 60-day, 15% note to replace its existing $7,000 account payable to Office Station. Sold marchandise that cost $4,800 to Creek co. for $7,000 under credit terms of 2/10 n/60 FOB shipping point, Invoice dated Oct 28