. On July 6, Tamarisk Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $300,000 Buildings 900,000 Equipment 600,000 Total $1,800,000 Tamarisk Company gave 12,300 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. Tamarisk 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 $178,500 Construction of bases for equipment to be installed later 229,500 Driveways and parking lots 207,400 Remodeling of office space in building, including new partitions and walls 273,700 Special assessment by city on land 30,600 3. On December 20, the company paid cash for equipment, $442,000, subject to a 2% cash discount, and freight on equipment of $17,850. Prepare entries on the books of TamariskCompany for these transactions.
. On July 6, Tamarisk Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $300,000 Buildings 900,000 Equipment 600,000 Total $1,800,000 Tamarisk Company gave 12,300 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. Tamarisk 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 $178,500 Construction of bases for equipment to be installed later 229,500 Driveways and parking lots 207,400 Remodeling of office space in building, including new partitions and walls 273,700 Special assessment by city on land 30,600 3. On December 20, the company paid cash for equipment, $442,000, subject to a 2% cash discount, and freight on equipment of $17,850. Prepare entries on the books of TamariskCompany for these transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Presented below is information related to Tamarisk Company.
1. On July 6, Tamarisk Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:
Tamarisk Company gave 12,300 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. Tamarisk 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.)
3. On December 20, the company paid cash for equipment, $442,000, subject to a 2% cash discount, and freight on equipment of $17,850.
Prepare entries on the books of TamariskCompany 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.)
1. On July 6, Tamarisk Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:
| Land |
$300,000
|
|
| Buildings |
900,000
|
|
| Equipment | 600,000 | |
| Total | $1,800,000 |
Tamarisk Company gave 12,300 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. Tamarisk 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 | $178,500 | |
| Construction of bases for equipment to be installed later | 229,500 | |
| Driveways and parking lots | 207,400 | |
| Remodeling of office space in building, including new partitions and walls | 273,700 | |
| Special assessment by city on land | 30,600 |
3. On December 20, the company paid cash for equipment, $442,000, subject to a 2% cash discount, and freight on equipment of $17,850.
Prepare entries on the books of TamariskCompany 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.)
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