Asset $5$: Equipment was acquired by issuing $100$ shares of $$28$ par value common stock. The stock had a market price of $$39$ per share. Interest Expense

Construction of Building: A building was constructed on land purchased last year at a cost of $$525,000.$ Construction began on

February $1$ and was completed on November $1.$ The payments to the contractor were as follows.

To finance construction of the building, a $$2,100,000,12\%$ construction loan was taken out on February $1.$ The loan was repaid on

November $1.$ The firm had $$700,000$ of other outstanding debt during the year at a borrowing rate of $8\%.$

Record the acquisition of each of these assets. $($Do not round intermediate calculations and final answers to $0$ decimal places e$.$g$.$

$58,971.$ Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$