Please prepare the entires for all 3 transactions. If it's possible to show work, please do (but answers more important).Thank you! Presented below is information related to Vaughn Company.1. On July 6, Vaughn Company acquired the plant assets of Doonesbury Company, which had discontinuedoperations. The appraised value of the property is:LandBuildingsEquipmentTotal$600,0001,800,0001,200,000$3,600,000Vaughn Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had amarket price of $168 per share on the date of the purchase of the property.2. Vaughn Company expended the following amounts in cash between July 6 and December 15, the datewhen it first occupied the building.Repairs to buildingConstruction of bases for equipment to be installed laterDriveways and parking lotsRemodeling of office space in building, including new partitions and wallsSpecial assessment by city on land$210,000270,000244,000322,00036,000 3. On December 20, the company paid cash for equipment, $520,000, subject to a 2% cash discount, and freight onequipment of $21,000.Prepare entries on the books of Vaughn Company for these transactions. (Do not round intermediate calculations and finalanswers to 0 decimal places eg. 58,971. Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries beforecredit entries)No. Account Titles and Explanation1.DebitCredit

Journal entries provide a clear and detailed record of all the financial transactions that take…

Answered: 1. On July 6, Vaughn Company acquired…

1. On July 6, Vaughn Company acquired the plant assets of Doonesbury Company, which had dis operations. The appraised value of the property is: Land Buildings Equipment $600,000 1,800,000 1.200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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