E10-13B (Entries for Acquisition of Assets) Presented below is information related to Monday Company.

E10-13B (Entries for Acquisition of Assets) Presented below is information related to Monday Company.

1. On July 6 Monday Company acquired the plant assets of Weld Company, which had discontinued operations. The appraised value of the property is:

Land                                     $ 200,000

Building                                   600,000

Machinery and equipment      400,000

Total                                   $1,200,000

Monday Company gave 12,500 shares of its $10 par value common stock in exchange. The stock had a market value of $84 per share on the date of the purchase of the property.

2. Monday Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building.

Repairs to building                                                                                         $ 73,000

Construction of bases for machinery to be installed later                               17,000

Driveways and parking lots                                                                             88,000

Remodeling of office space in building, including new partitions and walls  184,000

Special assessment by city on land                                                                 19,000

3. On December 20, the company paid cash for machinery, $170,000, subject to a 3% cash discount, and freight on machinery of $8,000.

Instructions

Prepare entries on the books of Monday Company for these transactions.