Purchased land and a building from Melody Leimbach. The building is mortgaged for $462,000 for 20 years at 7% and there is accrued interest of $8,500 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $301,000 and the building at $690,000, 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.

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