A company purchased a garage from a business with a 7%, 4-year, $75,000 note. The seller's book value for the garage was $42,750. What is the journal entry to record this purchase? 
Definitions:
Selective Attention
The cognitive process of focusing on certain stimuli or information while ignoring others.
Cocktail Party Effect
The brain's ability to focus one's auditory attention on a particular stimulus while filtering out a range of other stimuli, as when one hears their name in a noisy room.
Driving
The act of controlling and operating a vehicle, typically an automobile, as a means of transportation from one location to another.
Inattentional Blindness
A psychological phenomenon whereby an individual fails to perceive an unexpected stimulus in plain sight, due to the focus of attention elsewhere.
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