Presented below is information related to Sheridan Company.

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

Land $600,000

Buildings 1,800,000

Equipment 1,200,000

Total $3,600,000

Sheridan Company gave 12,500 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. Sheridan 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 $262,500

Construction of bases for equipment to be installed later 337,500

Driveways and parking lots 305,000

Remodeling of office space in building, including new partitions and walls 402,500

Special assessment by city on land 45,000

3. On December 20, the company paid cash for equipment, $650,000, subject to a 2% cash discount, and freight on equipment of $26,250.

Prepare entries on the books of Sheridan 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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