195. On October 17th Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in...

195. On October 17th Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a notes payable for the balance. In the space below write the journal entry.

196. On November 1st Nikle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land plot. Write the journal entry for this payment in the space below.

197. Damien Lawson invests $45,000 in a business in exchange for capital stock on January 7th. Journalize this transaction.

198. On January 8th, a stockholder transfers ownership of several pieces of office equipment a business in exchange for capital stock. When new, these items were worth $72,500. The fair market value of the equipment is $60,000. Journalize this transfer.