Presented below is information related to Sweet Company.
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1. On July 6, Sweet Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:
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Land$438,000
Buildings1,314,000
Equipment876,000Â Â Â Total$2,628,000
Sweet Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $242 per share on the date of the purchase of the property.
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2. Sweet Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.)
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Repairs to building$111,480Construction of bases for equipment to be installed later126,060Driveways and parking lots116,880Remodeling of office space in building, including new partitions and walls166,160Special assessment by city on land19,140
3. On December 20, the company paid cash for equipment, $278,500, subject to a 2% cash discount, and freight on equipment of $11,530.
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Prepare entries on the books of Sweet Company for these transactions. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answers
Status NEW
Posted 21 Apr 2017 03:04 AM
My Price 6.00
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