1. Metlock Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $966,000. At the time of purchase, Torress assets had the following book and appraisal values.

		Book Values			Appraisal Values
Land		$276,000			$207,000
Buildings		345,000			483,000
Equipment		414,000			414,000

To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made.

Land		207,000
Buildings		345,000
Equipment		414,000
Cash				966,000

2. Bonita Enterprises purchased store equipment by making a $2,760 cash down payment and signing a 1-year, $31,740, 10% note payable. The purchase was recorded as follows.

Equipment		37,674
Cash				2,760
Notes Payable				31,740
Interest Payable				3,174

3. Windsor Company purchased office equipment for $18,700, terms 2/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was:

Equipment		18,700
Cash				18,326
Purchase Discounts				374

4. Sheridan Inc. recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is $37,260. The company made no entry to record the land because it had no cost basis. 5. Skysong Company built a warehouse for $828,000. It could have purchased the building for $1,021,200. The controller made the following entry.

Buildings		1,021,200
Cash				828,000
Profit on Construction				193,200

Prepare the entry that should have been made at the date of each acquisition.