+ Chapter 10 Homework Question 7 of 11 - / 1 15 View Policies Current Attempt in Progress Below are transactions related to Coronado Company. (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 $80.780. 13.000 shares of common stock with a par value of $51 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $807.800, of which $177.740 has been allocated to land and $630.060 to buildings. The stock of Coronado Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at $66 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $59 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) Materials used $13.580 $ Factory supplies used 825 Direct labor incurred 16,380 Additional overhead (over regular) caused by construction of machinery, excluding factory supplies used 2.553 Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost Cost of similar machinery if it had been purchased from outside suppliers 44,000 Prepare journal entries on the books of Coronado Company to record these transactions. (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 for the amounts) No. Account Titles and Explanation Debit Credit (a) a (b) (0 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 4 used Submit