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On December 20, the company paid cash for equipment, $234.000, subject to a 2% cash discount and freight on equipme epare entries on the books of Concord Company for these transactions. (Do not round intermediate calculations and final on imal places eg. 58, 971 Credit account titles are automatically indented when amount is entered Do not indent manually. If no e uired, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries

On December 20, the company paid cash for equipment, $234.000, subject to a 2% cash discount and freight on equipme epare entries on the books of Concord Company for these transactions. (Do not round intermediate calculations and final on imal places eg. 58, 971 Credit account titles are automatically indented when amount is entered Do not indent manually. If no e uired, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries

Managerial Accounting: The Cornerstone of Business Decision-Making
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 37E: During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds...
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Presented below is information related to Concord Company 1. On July 6, Concord Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total Concord Company gave 12.500 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. Concord 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 3. On December 20, the company paid cash for equipment, $234.000, subject to a 2% cash discount, and freight on equipment of $9.450. Prepare entries on the books of Concord Company for these transactions. (Do not round intermediate calculations and finalmersto decimal places eg. 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 tities and enter O for the amounts List all debit entries before credit entries) No. Account Titles and Explanation 4. 2. 3. $600,000 1.800,000 1,200,000 $2,600,000 Land Buldings Coment Common Stock Pad-in Capital in Excess of Par-Common Stock Machinery Land Cash $94,500 121,500 109,800 144,900 16,200 Carpent Debit Credit
Transcribed Image Text:Presented below is information related to Concord Company 1. On July 6, Concord Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total Concord Company gave 12.500 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. Concord 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 3. On December 20, the company paid cash for equipment, $234.000, subject to a 2% cash discount, and freight on equipment of $9.450. Prepare entries on the books of Concord Company for these transactions. (Do not round intermediate calculations and finalmersto decimal places eg. 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 tities and enter O for the amounts List all debit entries before credit entries) No. Account Titles and Explanation 4. 2. 3. $600,000 1.800,000 1,200,000 $2,600,000 Land Buldings Coment Common Stock Pad-in Capital in Excess of Par-Common Stock Machinery Land Cash $94,500 121,500 109,800 144,900 16,200 Carpent Debit Credit
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