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. 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. Date Payment 2/1 $420,000 6/1 1,260,000 9/1 1,680,000 11/1 350,000 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%.