On July Kingbird Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised
value of the property is:
Kingbird Company gave shares of its $ par value common stock in exchange. The stock had a market price of $ per
share on the date of the purchase of the property.
Kingbird Company expended the following amounts in cash between July and December the date when it first occupied the
building.
On December the company paid cash for equipment, $ subject to a cash discount, and freight on equipment of
$
Prepare entries on the books of Kingbird Company for these transactions. Do not round intermediate calculations and final answers to
decimal places eg 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 for the amounts. List all debit entries before credit entries.
