Selected stock Transaction.

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Food c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $412,000 for 20 years at 7% and there is accrued interest of $5,500 on the mortgage note at the time of the purchase. The corporation agreed to assume responsibility for paying the mortgage note and accrued interest. It is agreed that the land is to be valued at $160,000 and the building at $615,000, and that Gretchen Northway will be issued stock at par. Land 160,000 Building 615,000 Interest Payable 5,500 Mortgage Note Payable 412,000 Common Stock Feedback 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? Check My Wor