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Rommel Company Accounting Question
1.On July 6 Rommel Company acquired the plant assets of Studebaker Company, which had discontinued operations. The appraised value of the property is:
Land $400,000 Building 1,200,000 Machinery and equipment 800,000 Total $2,400,000 Rommel Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market value of $180 per share on the date of the purchase of the property. Prepare entries on the books of Rommel Company for these transactions. |
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