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 $432,000

Buildings 1,296,000

Equipment 864,000

Total $2,592,000

Sunland Company gave12,500shares of its $100par value common stock in exchange. The stock had a market price of $232per 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. (Prepare consolidated entry for all transactions below.)

Repairs to building $95,370

Construction of bases for equipment to be installed later $122,690

Driveways and parking lots $117,170

Remodeling of office space in building, including new partitions and walls 159,920

Special assessment by city on land 18,750

3.On December 20, the company paid cash for equipment, $265,900, subject to a2% cash discount, and freight on equipment of $11,470.

Show entries on the books of Sunland Company for these transactions.(Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 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 0 for the amounts.)

List of accts:

Accounts Payable

Accumulated Depreciation-Building

Accumulated Depreciation-Equipment

Accumulated Depreciation-Machinery

Accumulated Depreciation-Trucks

Buildings

Cash

Common Stock

Contribution Revenue

Cost of Goods Sold

Depreciation Expense

Direct Labor

Discount on Notes Payable

Equipment

Factory Overhead

Gain on Disposal of Buildings

Gain on Disposal of Equipment

Gain on Disposal of Machinery

Gain on Disposal of Trucks

Insurance Expense

Interest Expense

Inventory

Land

Land Improvements

Loss on Disposal of Buildings

Loss on Disposal of Equipment

Loss on Disposal of Machinery

Loss on Disposal of Trucks

Machinery

Maintenance and Repairs Expense

Materials

No Entry

Notes Payable

Organization Expense

Paid-in Capital in Excess of Par - Common Stock

Prepaid Insurance

Retained Earnings

Salaries and Wages Expense

Sales Revenue

Trading Securities

Trucks