1. On July 6, Larkspur Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $600,000 Buildings 1,800,000 Equipment 1,200,000 Total $3,600,000 Larkspur Company gave 12,500 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. Larkspur 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.) 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 $262.500 337 500 305.000 402.500 45,000 3. On December 20, the company paid cash for equipment. $650,000, subject to a 2% cash discount, and freight on equipment of $26,250 Prepare entries on the books of Larkspur Company for these transactions. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answer to decimal places eg. 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Land Buildings Equipment Common Stock Paid-in Capital in Excess of Par-Common Stock 2 Buildings Equipment Land improvements Land Canh Debit Credit No. Account Titles and Explanation 1. Land Buildings Equipment Common Stock Pald-in Capital in Excess of Par-Common Stock 2. Buildings Equipment Land improvements Land Cash 3. Equipment Cash