1. On July 6, Swifty Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $400,000 Buildings 1,200,000 Equipment 800,000 Total $2,400,000 Swifty 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. Swifty 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 $73,500 94,500 Driveways and parking lots 85,400 Remodeling of office space in building, including new partitions and walls 112,700 Special assessment by city on land 12,600 3. On December 20, the company paid cash for equipment, $182,000, subject to a 2% cash discount, and freight on equipment of $7,350.