Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with this assignment, can I please have some help. Presented below is information related to Bramble Company. 1. On July 6, Bramble
I need help with this assignment, can I please have some help.
Presented below is information related to Bramble Company. 1. On July 6, Bramble Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipmen t Total $370,000 1,110,000 740,000 $2,220,000 Bramble Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $215 per share on the date of the purchase of the property. 2. Bramble 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 Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $94,700 136,230 133,800 166,470 18,400 3. On December 20, the company paid cash for equipment, $292,600, subject to a 2% cash discount, and freight on equipment of $11,290. Prepare entries on the books of Bramble 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 1. Debit Credit 2. 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started