Presented below is information related to Novak Company. 1. On July 6, Novak Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000 Novak Company gave 12,200 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. Novak 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.) 1. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $189,000 No. Account Titles and Explanation 243,000 219,600 289,800 3. On December 20, the company paid cash for equipment, $468,000, subject to a 2% cash discount, and freight on equipment of $18,900. 32,400 Prepare entries on the books of Novak 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 O for the amounts.) Debit Credit

Presented below is information related to Novak Company. 1. On July 6 , Novak Company acquired the plant assets of Doonesbury Compam, which had discontinued operations. The appraised value of the property is: Novak Company jave 12,200 shares of its $100 pac value comion stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Novak Company expended the foliowing amounts in cash between July 6 and December 15 , the date when it first occupied the buildingt (Prepare consolidated entry for all transactions below) 3. On December 20, the compary paid cash for equipment, 5468,000 , subject to a 24i cash dhcount, and frelght on equipment of 518,900 Prepare entries on the books of Novak Company for these transactions. (Round intermediate cakulotlons to 5 decimoi ploces, es. 125124 and final onswer to 0 dedmal plocei es.58.971. Credit account tieles ane outcmatloally indented when amount is entered Do not Indent menually if no entry is required, select "No Entry" for the occount tides and enter 0 for the amounts)