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Presented below is information related to Zonker Company.

1. On July 6 Zonker Company acquired the plant assets of Doonesbury Company, which had discontinuedoperations. The appraised value of the property is:

Land $ 400,000

Building 1,200,000

Machinery and equipment 800,000

Total $2,400,000

Zonker Company gave 12,500 shares of its $100 par value common stock in exchange. stock had a market value of $168 per share on the date of the purchase of the property.

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797744

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