Homework Help is Here – Start Your Trial Now!
Business
Accounting
Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000

Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
1. On July 6, Sunland Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000 Sunland Company gave 12,200 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Sunland Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $189,000 243,000 219,600 289,800 32,400 3. On December 20, the company paid cash for equipment, $468,000, subject to a 2% cash discount, and freight on equipment of $18,900. Prepare entries on the books of Sunland Company for these transactions. (Do not round intermediate calculations and final answers to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not TINTA
Transcribed Image Text:1. On July 6, Sunland Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000 Sunland Company gave 12,200 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Sunland Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $189,000 243,000 219,600 289,800 32,400 3. On December 20, the company paid cash for equipment, $468,000, subject to a 2% cash discount, and freight on equipment of $18,900. Prepare entries on the books of Sunland Company for these transactions. (Do not round intermediate calculations and final answers to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not TINTA
No. Account Titles and Explanation 1 2. 3. Debit Credit
Transcribed Image Text:No. Account Titles and Explanation 1 2. 3. Debit Credit
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS