Intermediate Accounting $105$

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Presented below is information related to Whispering Company.

On July $6,$ Whispering Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The

appraised value of the property is:

Whispering Company gave $12,000$ shares of its $$100$ par value common stock in exchange. The stock had a market price of $$168$ per

share on the date of the purchase of the property.

Whispering Company expended the following amounts in cash between July $6$ and December $15,$ the date when it first occupied the

building.

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

$$168,000$

$216,000$

$195,200$

$257,600$

$28,800$

On December $20,$ the company paid cash for equipment, $$416,000,$ subject to a $2\%$ cash discount, and freight on equipment of

$$16,800.$

Prepare entries on the books of Whispering Company for these transactions. $($Do not round intermediate calculations and final answers 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. List all debit entries before credit entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit