(a) (b) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $95,580. 16,520 ordinary shares with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $955,800, of which $212,400 has been allocated to land and $743,400 to buildings. The shares of Vaughn Company is not listed on any exchange, but a block of 100 shares was sold by a shareholder 12 months ago at $65 per share, and a block of 200 shares was sold by another shareholder 18 months ago at $58 per share. No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed. (c) $14.750 1.100 18,880 Materials used Factory supplies used Direct labor incurred Additional overhead (over regular) caused by construction of machinery, excluding factory supplies used Fixed overhead rate applied to regular manufacturing operations Cost of similar machinery if it had been purchased from outside suppliers 3,110 60% of direct labor cost 51.920 di DOLL