prepare schedules showing the proper valuation of the assets acquired by pressler co 624485

Pressler Company planned to erect a new factory building and a new office building in Atlanta, Georgia, USA. A report on a suitable site showed an appraised value of USD 180,000 for land and orchard and USD 120,000 for a building. After considerable negotiation, the company and the owner reached the following agreement: Pressler Company was to pay USD 216,000 in cash, assume a USD 90,000 mortgage note on the property, assume the interest of USD 1,920 accrued on the mortgage note, and assume unpaid property taxes of USD 13,200. Pressler Company paid USD 18,000 cash for brokerage and legal services in acquiring the property. Shortly after acquisition of the property, Pressler Company sold the fruit on the trees for USD 2,640, remodeled the building into an office building at a cost of USD 38,400, and removed the trees from the land at a cost of USD 9,000. Construction of the factory building was to begin in a week. Prepare schedules showing the proper valuation of the assets acquired by Pressler Company.