1. On July 6, Metlock 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 Metlock 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.