Presented below is information related to Concord Company. 1. On July 6, Concord Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $600,000 Buildings 1,800,000 Equipment 1,200,000 Total $3,600,000 Concord Company gave 12.500 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. 2. Concord Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building $94,500 Construction of bases for equipment to be installed later 121,500 Driveways and parking lots 109,800 Remodeling of office space in building, including new partitions and walls 144,900