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View Policies Current Attempt in Progress Presented below is information related to Kingbird Company 1. On July 6, Kingbird Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000 Kingbird Company gave 12,200 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. Kingbird 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 $241,500 Construction of bases for equipment to be installed later 310,500 Driveways and parking lots 280,600 Remodeling of office space in building, including new partitions and walls 370,300 Special assessment by city on land 41,400 3. On December 20, the company paid cash for equipment. $598,000, subject to a 2% cash discount, and freight on equipment of $24.150. Prepare entries on the books of Kingbird Company for these transactions. (Round intermediate calculations to 5 decimal places, es 1.25124 and final answer to decimal placeses 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 for the amounts.) No. Account Titles and Explanation 1. Debit Credit

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