Presented below is information related to Sheffield Company.

CALCULATOR MESSAGE MY IN Exercise 10-13 Presented below is information related to Sheffield Company. 1. On July 6, Sheffield Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment $435,000 1,305,000 870,000 $2,610,000 Total Sheffield Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $198 per share on the date of the purchase of the property. 2. Sheffield 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 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 $115,370 136,610 117,860 175,700 17,440 3. On December 20, the company paid cash for equipment, $277,100, subject to a 2% cash discount, and freight on equipment of $9,730. Prepare entries on the books of Sheffield Company for these transactions. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to o decimal places e.g. 58,971. Credit account 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 No. Account Titles and Explanation 1. All Dights Reserved A Division of John Wiley & Sons, Inc. 75 enrerea. Do not ment manually. Ir no entry is required, select IO Entry Tor me acCOUNI Tities and enter u Tor the arr No. Account Titles and Explanation Debit Credit 2. 3. Click if you would like to Show Work for this question: Open Show Work