The require students to demonstrate an understanding of: 1. Common Stock transactions 2. Preferred Stock transactions 3. Cash Dividends transactions 4. Treasury Stock transactions 5. Organizational Expense transactions Feb 20, purchesed land and a building from Purple, Inc. in exchange for common stock issued at par value. The building has a mortgage for $1,750,000 for 20 years at 5.75% and there is accrved interest on $40,200 on the mortgoge note at the time of purchase. It is ogreed that the land will be priced at $1,050,000 and the building at $1,100,250 and that Purple. Ine. will receive equity in the corporation at par value. The corporation has agreed to assume the mortgoge