Presented below is information related to Martinez Company.

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

Land	$389,000
Buildings	1,167,000
Equipment	778,000
Total	$2,334,000

Martinez Company gave12,500shares of its $100par value common stock in exchange. The stock had a market price of $225per share on the date of the purchase of the property.

2.Martinez 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	$95,850
Construction of bases for equipment to be installed later	137,160
Driveways and parking lots	123,590
Remodeling of office space in building, including new partitions and walls	173,080
Special assessment by city on land	18,650

3.On December 20, the company paid cash for equipment, $278,200, subject to a2% cash discount, and freight on equipment of $11,110.

Prepare entries on the books of Martinez 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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