1.On July 6, Pearl Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:

Land	$378,000
Buildings	1,134,000
Equipment	756,000
Total	$2,268,000

Pearl Company gave12,500shares of its $100par value common stock in exchange. The stock had a market price of $245per share on the date of the purchase of the property.

2.Pearl 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	$112,300
Construction of bases for equipment to be installed later	129,420
Driveways and parking lots	113,670
Remodeling of office space in building, including new partitions and walls	154,480
Special assessment by city on land	19,380

3.On December 20, the company paid cash for equipment, $294,400, subject to a2% cash discount, and freight on equipment of $11,100.

Prepare entries on the books of Pearl 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.)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.

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