Problem 7-4. Chipper Company had the following transactions during the year: 1. Land was purchased for $75,000 cash. This land was to be used for a new office build- ing. It was agreed that Chipper Company would pay for the razing of a building cur- rently on the land; this would cost $5,600, to be paid in cash. 2. Chipper Company contracted with Cody Construction to build the new office building. It was agreed that Chipper would pay Cody with 3,000 shares of Chipper common stock, a $16,000 note, and $32,000 in cash. Chipper's common stock was currently sell- ing for $30 a share. 3. Chipper purchased some office equipment from Northern Office Equipment for $9,600 cash. Mr. Chipper was a close personal friend of the owner of Northern Office Equip- ment, and accordingly was sold this equipment at a price lower than normally would be charged. The prices charged to "normal" customers were as follows: Desks and chairs Bookcases Filing cabinets $8,700 2,200 1,100 $12,000 Required Prepare journal entries for the above transactions.