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Below are transactions related to sarasota Company. (a) The City of Grand Junctiongives the company 5 acres of land as a plant site. The market

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Below are transactions related to sarasota Company. (a) The City of Grand Junctiongives the company 5 acres of land as a plant site. The market value of this land is determined to be $165,000 (b) 10,000 shares of common stock with a par value of $10 per share are issued in exchange for land and buliding. The property has been appraised at a fair market value of $500,000, of which $142.000 has been allocated to land and $358.000 to buildings. The stock of Sarasota Company is not listed on any exchange, but a block of 300 shares was sold by a stockholder 12 months ago at $84 per share, and a block of 400 shares was sold by another stockholder 18 months ago at $67 per share. (c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properfy chargeable to plant asset accounts for machinery constructed during the year. The following informution is given relative to costs of the machinery constructed. Below are transactions related to sarasota Company. (a) The City of Grand Junctiongives the company 5 acres of land as a plant site. The market value of this land is determined to be $165,000 (b) 10,000 shares of common stock with a par value of $10 per share are issued in exchange for land and buliding. The property has been appraised at a fair market value of $500,000, of which $142.000 has been allocated to land and $358.000 to buildings. The stock of Sarasota Company is not listed on any exchange, but a block of 300 shares was sold by a stockholder 12 months ago at $84 per share, and a block of 400 shares was sold by another stockholder 18 months ago at $67 per share. (c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properfy chargeable to plant asset accounts for machinery constructed during the year. The following informution is given relative to costs of the machinery constructed

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