Account Titles and Explanation Debit Credit Acquisition of Asset 1 Acquisition of Asset 2 Acquisition of Asset 3 Acquisition of Assets 4 and 5 Headlands Industries Inc. constructed a building and acquired five assets during the current year. Construction of Building: A building was constructed on land purchased last year at a cost of $244,800. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date Payment March 1 $367,200 July 1 280,500 October 1 331,500 Headlands obtained a $714,000,8% construction loan on March 1. Headlands repaid the loan on October 1. Headlands had $408,000 of other outstanding debt during the year at a borrowing rate of 9%. Asset 1: Headlands acquired office furniture by making a $7,650 down payment and issuing a $10,200, 2-year, zero- interest-bearing note. The note is to be paid off in two $5,100 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $16,524. Asset 2: Headlands acquired manufacturing equipment by trading in used manufacturing equipment. The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of equipment traded in Accumulated depreciation on equipment traded in- to date of sale Fair value of equipment traded Cash received Fair value of equipment acquired $53,040 34,680 25,500 2,550 22,950 Asset 3: Four computers were acquired by issuing 500 shares of $1 par value common stock. The stock had a market price of $14 per share. Assets 4 and 5: Headlands purchased these assets together for a lump sum of $234,600 cash. The following information was gathered. Initial Cost on Seller's Books Depreciation to Date on Seller's Books Book Value on Seller's Books Description Appraised Value Forklifts $76,500 $20,400 $56,100 $51,000 Equipment 183,600 40,800 142,800 168,300 Trucks 66,300 15,300 51,000 35,700 Record the acquisition of each of these assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)