You are reviewing the PP&E account of Mandville Corporation. A publicly traded company selling travel guides. During the current year ending March 31, 2013, your review of the trail balance indicates the following: 1) Land - The addition represents the purchase of land adjacent to company's exiting plant and was financed as follows: Contract sales price - 2,000 shares of Mandville Corporation Common Stock, par value $10. Mandville agreed to pay accrued property taxes of $4,600 and unpaid sewer installation assessment of $6,400. On the day Mandville & the seller were discussing the transaction, Mandville stock was selling for $77.50 per share. On the closing date, June 30, 2012 Mandville shares were selling for $70.00 per share.