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Presented below is information related to Carla Company. 1. On July 6, Carla Company acquired the plant assets of Doonesbury Company, which had discontinued operations.
Presented below is information related to Carla Company. 1. On July 6, Carla Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: $361,000 Land 1,083,000 Buildings Equipment 722,000 $2,166,000 Total Carla Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $218 per share on the date of the purchase of the property. 2. Carla 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 $109,060 Construction of bases for equipment to be installed later 133,800 Driveways and parking lots 125,350 Remodeling of office space in building, including new partitions and walls 147,870 Special assessment by city on land 19,780 3. On December 20, the company paid cash for equipment, $303,500, subject to a 2% cash discount, and freight on equipment of $10,670. Prepare entries on the books of Carla Company for these transactions. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to o 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 for the amounts) No. Account Titles and Explanation Debit Land Buildings Equipment Common Stock Paid-in Capital in Exce
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