Question 4 of 6 View Policies Current Attempt in Progress Below are transactions related to Sweet Company. (a) (b) (c) -/1.5 The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $90,720. 15,680 ordinary shares with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $907,200, of which $201.600 has been allocated to land and $705,600 to buildings. The shares of Sweet Company is not listed on any exchange, but a block of 100 shares was sold by a shareholder 12 months ago at $65 per share, and a block of 200 shares was sold by another shareholder 18 months ago at $58 per share. No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed. Materials used Factory supplies used Direct labor incurred $14,000 1,040 17,920 Additional overhead (over regular) caused by construction of machinery, excluding factory supplies used 2.960 Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost Cost of similar machinery if it had been purchased from outside suppliers 49.280 Prepare journal entries on the books of Sweet Company to record these transactions. (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.)