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Please fill out the missing information. Prepare the entry that should have been made at the date of each acquisition. (Do not round intermediate calculations
Please fill out the missing information.
Prepare the entry that should have been made at the date of each acquisition. (Do not round intermediate calculations and final answers to 0 decimal places eg. 58,971. Credit account titles are automatically indented when amount 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 debitentries before credit entries.)
Plant acqulsitions for selected companles are as follows. 1. Crane industries Inc acqulred land, bulldings, and equipment from a bankrupt company, Torres Co. for a lump-sum price of $714,000. At the time of purchase, Torres's assets had the following book and appralsal values To be conservative, the company declded to take the lower of the two values for each asset acquired. The following entry was made 714,000 2. Cheyenne Enterprises purchased store equlpment by making a $2,040 cash down payment and signing a 1-year, $23,460,1085 note payable. The purchase was recorded as follows. 3. Ayayal Company purchased office equlpment for 518,300 , terms 2/10,n/30. Eecause the company intended to take the dlscount, It mede no entry unell it pald for the acquisition. The entry was: 4. Plna inc. recently recelved at zero cost land from the village of Cardassia as an Inducement to locate lts business in the village. The appralsed value of the land is $27,540. The company made no entry to record the land because lt had no cost basls. 5. Grouper Company bullt a warehouse for $612,000. It could have purchased the bullding for $754,800. The controller made the following entry. Bulldings 754,800 Cash 612,000 Profit on Construction 142.800 Prepare the entry that should have been made at the date of each acquiltion. DDe not round intemediate colculations and final answers to O decimal places eg. 58,971 . Credit account titles are automatically inderted when cmount is entered. Do not indent manually if noentry is required, select "No Entry" for the account tiles and enter O for the amounts List all debit entries before credit entries) Prepare the entry that should have been made at the date of each acquisition. (Do not round intermediate calaulations and find answers te O declinal pleces es 58,971. Credit cocount ttts are automatlcolly Indented when amount is entered. Do not indent manually If no entry ls requined, seledt "No Entry" for the occount tides and enter O for the amounts. List all debitentrles before credit entules)Step by Step Solution
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