Presented below is information related to Kingbird Company.

1.On July 6, Kingbird Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:

Land$374,000

Buildings1,122,000

Equipment748,000Total$2,244,000

Kingbird Company gave12,500shares of its $100par value common stock in exchange. The stock had a market price of $249per share on the date of the purchase of the property.

2.Kingbird 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$105,950Construction of bases for equipment to be installed later142,030Driveways and parking lots117,560Remodeling of office space in building, including new partitions and walls174,200Special assessment by city on land17,870

3.On December 20, the company paid cash for equipment, $273,300, subject to a2% cash discount, and freight on equipment of $10,620.

Prepare entries on the books of Kingbird Company for these transactions.(Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer 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.)

No.

Account Titles and Explanation

Debit

Credit

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