Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $436,000 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 $167,000 and the building at $650,000, and that Northway’s equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest. For a compound transaction, if an amount box does not require an entry, leave it blank.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.