Presented below is information related to Metts Company.

1. On July 6, Metts Company acquired the plant assets of Doons Company, which had discounted operationss. The appraised value of the property is:

Land $200,000

Buildings $600,000

Equipment $400,000

Total $1,200,000

Metts Company gave 12,000 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. Metts 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 the transactions below).

Repairs to building $52,500

Construction of bases for equipment to be installed later 67,500

Driveways and parking lots 61,000

Remodeling of office space in building, including new partitions and walls 80,500

Special assessment by city on land 9,000

3. On Decemeber 20, the company paid cash for equipment of $130,000 subject to a 2% cash discount, and freight on equioment of $5,250

Prepare entries on the books of Metts 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)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.

*Please show your work and complete the journal entry. Thank you