[M N]

at 7% with accrued interest $7000. Get mortgage note payable? Purchased land and a building from Melody Leimbach. The building is mortgaged for $400,000 for 20 years at 7%, and there is accrued interest of $7,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $125,000 and the building at $600,000, 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.