"Chipper Company had the following transactions during the year;1. Land was purchased for $75,000 cash. This land was to be used for a new office building. It was agreed that Chipper Company would pay for the razing of a building currently on the land, this would cost $5,600, to be paid in cash.;2. Chipper Company contracted with Cody Construction to build the new office building. It was agreed that Chipper would pay Cody with 3,000 shares of Chipper common stock, a $16,000 note, and $32,000 in cash. Chipper's common stock was currently selling for $30 a share.;3. Chipper purchased some office equipment form Northern Office Equipment for $9,600 cash. Mr. Chipper was a close personal friend of the owner of Northern Office Equipment, and accordingly was sold this equipment at a price lower than normally would be charged. The prices charged to ""normal"" customers were as follows;Desks and chairs $8,700;Bookcases 2,200;Filing cabinets 1,100;Total $12,000;Required;Prepare journal entries for the above transactions."
Chipper Company Capital Transactions
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