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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 $512,000 Parking Lot Paving 72,000 City Assessment for sidewalks 82,000 Production Line equipment 107,000 Sales tax on equipment 5,350 Closing costs on land 7,600 Architect fees for new building 19,000 Price paid to General Contractor for building 808,000 Removal of existing building 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 manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Land PAR Land Improvements Cash Buildings Cash Debit 601600 154000 848000 Credit 154000 848000

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 $512,000 Parking Lot Paving 72,000 City Assessment for sidewalks 82,000 Production Line equipment 107,000 Sales tax on equipment 5,350 Closing costs on land 7,600 Architect fees for new building 19,000 Price paid to General Contractor for building 808,000 Removal of existing building 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 manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Land PAR Land Improvements Cash Buildings Cash Debit 601600 154000 848000 Credit 154000 848000

FINANCIAL ACCOUNTING
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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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 $512,000 Parking Lot Paving 72,000 City Assessment for sidewalks 82,000 Production Line equipment 107,000 Sales tax on equipment 5,350 Closing costs on land 7,600 Architect fees for new building 19,000 Price paid to General Contractor for building 808,000 Removal of existing building 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 manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Land PAR Land Improvements Cash Buildings Cash Debit 601600 154000 848000 Credit 154000 848000
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 $512,000 Parking Lot Paving 72,000 City Assessment for sidewalks 82,000 Production Line equipment 107,000 Sales tax on equipment 5,350 Closing costs on land 7,600 Architect fees for new building 19,000 Price paid to General Contractor for building 808,000 Removal of existing building 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 manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Land PAR Land Improvements Cash Buildings Cash Debit 601600 154000 848000 Credit 154000 848000
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