Concord Inc. initiated a major company expansion on January 4, 2025. During the first quarter of 2025. Concord acquired several assets that were placed into production on July 1, 2025. The following costs were incurred: Land Purchase for factory Parking Lot Paving City Assessment for sidewalks Production Line equipment Sales tax on equipment Closing costs on land Architect fees for new building Price paid to General Contractor for building Removal of existing building $512,000 72,000 82,000 107,000 5,350 7,600 19,000 808,000 21,000 Purchase of Warehouse; exchanged 1,000 shares of Concord stock with a par value of $5 per share. Concord stock is currently tra at $100 per share. Installation of production line equipment $26,000 Based on this information, prepare the necessary journal entries to record the asset acquisitions assuming that all assets were purchased for cash except for the warehouse. (Credit account titles are automatically indented when amount is entered. Do not indent
Concord Inc. initiated a major company expansion on January 4, 2025. During the first quarter of 2025. Concord acquired several assets that were placed into production on July 1, 2025. The following costs were incurred: Land Purchase for factory Parking Lot Paving City Assessment for sidewalks Production Line equipment Sales tax on equipment Closing costs on land Architect fees for new building Price paid to General Contractor for building Removal of existing building $512,000 72,000 82,000 107,000 5,350 7,600 19,000 808,000 21,000 Purchase of Warehouse; exchanged 1,000 shares of Concord stock with a par value of $5 per share. Concord stock is currently tra at $100 per share. Installation of production line equipment $26,000 Based on this information, prepare the necessary journal entries to record the asset acquisitions assuming that all assets were purchased for cash except for the warehouse. (Credit account titles are automatically indented when amount is entered. Do not indent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
M29.
![Concord Inc. initiated a major company expansion on January 4, 2025. During the first quarter of 2025, Concord acquired several
assets that were placed into production on July 1, 2025. The following costs were incurred:
Land Purchase for factory
Parking Lot Paving
City Assessment for sidewalks
Production Line equipment
Sales tax on equipment
Closing costs on land
Architect fees for new building
Price paid to General Contractor for building
Removal of existing building
$512,000
72,000
82,000
107,000
5,350
7,600
19,000
808,000
21,000
Purchase of Warehouse; exchanged 1,000 shares of Concord stock with a par value of $5 per share. Concord stock is currently trading
at $100 per share.
Installation of production line equipment $26,000
Based on this information, prepare the necessary journal entries to record the asset acquisitions assuming that all assets were
purchased for cash except for the warehouse. (Credit account titles are automatically indented when amount is entered. Do not indent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b1fa123-0e85-4600-9466-f81af937b581%2F5a110b3b-df17-4bf9-ac42-32c08947a3fc%2Fjno59pp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Concord Inc. initiated a major company expansion on January 4, 2025. During the first quarter of 2025, Concord acquired several
assets that were placed into production on July 1, 2025. The following costs were incurred:
Land Purchase for factory
Parking Lot Paving
City Assessment for sidewalks
Production Line equipment
Sales tax on equipment
Closing costs on land
Architect fees for new building
Price paid to General Contractor for building
Removal of existing building
$512,000
72,000
82,000
107,000
5,350
7,600
19,000
808,000
21,000
Purchase of Warehouse; exchanged 1,000 shares of Concord stock with a par value of $5 per share. Concord stock is currently trading
at $100 per share.
Installation of production line equipment $26,000
Based on this information, prepare the necessary journal entries to record the asset acquisitions assuming that all assets were
purchased for cash except for the warehouse. (Credit account titles are automatically indented when amount is entered. Do not indent
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