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:Land $300,000Buildings 900,000Equipment 600,000 Total $1,800,000Tamarisk 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 $178,500Construction of bases for equipment to be installed later 229,500Driveways and parking lots 207,400Remodeling of office space in building, including new partitions and walls 273,700Special assessment by city on land 30,6003. 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.)No.Account Titles and ExplanationDebitCredit1. 2. 3.

The journal keeps the record of all day to day transactions of the business.

Answered: . On July 6, Tamarisk Company acquired…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 25BEB

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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:

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.)

No.	Account Titles and Explanation	Debit	Credit
1.




2.




3.

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