Question
Nash Inc. initiated a major company expansion on January 4, 2025. During the first quarter of 2025, Nash acquired several assets that were placed into
Nash Inc. initiated a major company expansion on January 4, 2025. During the first quarter of 2025, Nash acquired several assets that were placed into production on July 1, 2025. The following costs were incurred:
Land Purchase for factory $492000
Parking lot Paving $72000
City Assessment for sidewalks $81000
Production Line equipment $109000
Sales tax on equipment $5450
Closing costs on land $7700
Architect fees for new building 21000
Price paid to General Contractor for building 809000
Removal of existing building 22000
Purchase of Warehouse exchanged 900 shares of Nash stock with a par value of $5 per share. Nash stock is currently trading at $135 per share.
Installation of production line equipment $25000
Based on this information, prepare the necessary journal entries to record the asset acquisitions assuming that all assets were purchased for cash except for the warehouse.
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