On July 6, Sheridan Company acquired the plant assets of Doonesbury Company, which had discontinued operations....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On July 6, Sheridan Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $300,000 900,000 600,000 $1,800,000 Sheridan 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. Sheridan Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $126,000 162,000 146,400 193,200 21,600 3. On December 20, the company paid cash for equipment, $312,000, subject to a 2% cash discount, and freight on equipment of $12,600. Prepare entries on the books of Sheridan Company for these transactions. (Do not round intermediate calculations and final answers 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 O for the amounts. List all debit entries before credit entries.) On July 6, Sheridan Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $300,000 900,000 600,000 $1,800,000 Sheridan 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. Sheridan Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $126,000 162,000 146,400 193,200 21,600 3. On December 20, the company paid cash for equipment, $312,000, subject to a 2% cash discount, and freight on equipment of $12,600. Prepare entries on the books of Sheridan Company for these transactions. (Do not round intermediate calculations and final answers 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 O for the amounts. List all debit entries before credit entries.)
Expert Answer:
Answer rating: 100% (QA)
Here are the entries on the books of Sheridan Company for the given transacti... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
What statement describes lipids rather than proteins and carbohydrates? O They form globular structure called monoacylglycerols. O They are converted into an emulsion in the intestine. O They are not...
-
Presented below is information related to Zonker Company. 1. On July 6, Zonker Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the...
-
A generator is connected to a 60 22 load and a current of 8 A flows. If the armature resistance is 1 2, determine (a) the terminal voltage and (b) the generated e.m.f.
-
Assume that the average talk time on an Apple iPhone is 20 hours and that this time follows the exponential probability distribution. What is the probability that a randomly selected iPhone will...
-
What should be included in a thank-you note after an interview?
-
A typical laboratory beaker has a volume of 250. mL. What is its volume in cubic centimeters? In liters? In cubic meters? In cubic decimeters?
-
What is the purpose of practice aids in forensic and valuation services?
-
Equity Securities Entries Capriati Corporation made the following cash purchases of securities during 2010, which is the first year in which Capriati invested in securities. 1. On January 15,...
-
23. If an item retails for $320 after being marked up by 85%, what was the dollar amount of the cost?
-
Ryan and Blake Lively are married filing jointly taxpayers. Ryan's birthdate is August 10, 1982 and Social Security number is 434-14-4448. Blake's birthdate is March 19, 1983 and their Social...
-
CoursHeroTranscribedText Fed Funds Rate 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% $100 $110 $120 $130 $140 $150 $160 Bank Excess Reserves ($Billion)...
-
Briefly summarize the article, and apply economic concepts to it. This is to include graphs, proper economic terminology, application of economic theory to the specifics of the article, and finally...
-
Which consumer insights can help inform Glossier's media plan? Explain. In other words, what should Glossier know about its target audience's media habits?
-
At a height of 3,500 m above sea level, the gage pressure in a car tire is measured using a pressure gage to be 0.25 MPa (1 megapascal=1 MPa = 1106 Pa). What is the absolute pressure in the car tire?...
-
David receives $3 a month as an allowance to spend as he pleases. Since he only likes peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0.05 per ounce) and jelly...
-
The video for BoA shows that the closing cost is $5619.41, i.e., a borrower will receive net $94380.59 (100K-5619) instead of borrowing 100,000. However, the monthly loan installments are the quoted...
-
Assume May Co. is preparing the operating section using the indirect method. May Co. reported a net income of $301,000 for the year and also had the following items: Increase in accounts receivable:...
-
A routine activity such as pumping gasoline can be related to many of the concepts studied in this text. Suppose that premium unleaded costs $3.75 per gal. Work Exercises in order. Use the...
-
Miller Corporation began operations on January 1, 2014, with a beginning inventory of $10,600 at cost and $14,000 at retail. The following information relates to 2014. Retail_ Net purchases ($126,800...
-
The books of C onchita Corporation carried the following account balances as of December 31, 2014. Cash $ 195,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 300,000 Common Stock...
-
Explain the differences between the installment-sales method and the cost-recovery method.
-
Label each of the following statements true, false, or uncertain. Explain briefly. a. If the nominal exchange rate is fixed, the real exchange rate is fixed. b. When domestic inflation equals foreign...
-
Consider a country operating under fixed exchange rates. The IS curve is given by equation (20.1) a. Explain the term \(\left(i^{*}-\pi^{e}ight)\). Why does the foreign nominal interest rate appear...
-
Policy choices when the real exchange rate is "too high" and the nominal exchange rate is fixed An overvalued real exchange rate is a rate such that domestic goods are too expensive relative to...
Study smarter with the SolutionInn App