Bridgeport Corporation manufactures ballet shoes and is in a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its products, the company recently made several acquisitions of plant and equipment. Tanya Mullinger, newly hired with the title Capital Asset Accountant, requested that Walter Kaster, Bridgeport's controller, review the following transactions: Transaction 1 On June 1, 2020, Bridgeport purchased equipment from Venghaus Corporation. Bridgeport issued a $20,000, 4-year, non-interest-bearing note to Venghaus for the new equipment. Bridgeport will pay off the note in 4 equal instalments due at the end of each of the next 4 years. At the transaction date, the prevailing market interest rate for obligations of this nature was 11%. Freight costs of $380 and installation costs of $500 were incurred in completing this transaction. The new equipment qualifies for a $1,970 government grant. Transaction 2 On December 1, 2020, Bridgeport purchased several assets of Haukap Shoes Inc., a small shoe manufacturer whose owner was retiring. The purchase amounted to $209,900 and included the assets in the following list. Bridgeport engaged Tennyson Appraisay Inc., an independent appraiser, to determine the assets' fair values, which are also provided. Inventory Land Building Haukap Book Value $59,520 39,850 69,990 $169,360 Fair Value $49,900 79,840 119,760 $249,500 During its fiscal year ended May 31, 2021, Bridgeport incurred $7,910 of interest expense to finance these assets. Transaction 3 On March 1, 2021, Bridgeport traded in four units of specialized equipment and paid an additional $25,000 cash for a technologically up-to-date machine that should do the same job as the other machines, but much more efficiently and profitably. The equipment that was traded in had a combined carrying amount of $34,570, as Bridgeport had recorded $44,750 of accumulated depreciation against these assets. Bridgeport's controller and the sales manager of the supplier company agreed that the new equipment had a fair value of $63,700. (51) For each of the three transactions described above, determine the value at which Bridgeport Corporation should record the acquired assets. For any measurement in ving present value concepts, provide your calculations using any of the following: tables, Excel functions, or a financial calculator. (Do not round intermediate calculations. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. The tables in this problem are to be used as a reference for this problem.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Transaction 1: Equipment Transaction 2: Inventory $ Land $ Building Transaction 3: Machine Bridgeport Corporation manufactures ballet shoes and is in a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its products, the company recently made several acquisitions of plant and equipment. Tanya Mullinger, newly hired with the title Capital Asset Accountant, requested that Walter Kaster, Bridgeport's controller, review the following transactions: Transaction 1 On June 1, 2020, Bridgeport purchased equipment from Venghaus Corporation. Bridgeport issued a $20,000, 4-year, non-interest-bearing note to Venghaus for the new equipment. Bridgeport will pay off the note in 4 equal instalments due at the end of each of the next 4 years. At the transaction date, the prevailing market interest rate for obligations of this nature was 11%. Freight costs of $380 and installation costs of $500 were incurred in completing this transaction. The new equipment qualifies for a $1,970 government grant. Transaction 2 On December 1, 2020, Bridgeport purchased several assets of Haukap Shoes Inc., a small shoe manufacturer whose owner was retiring. The purchase amounted to $209,900 and included the assets in the following list. Bridgeport engaged Tennyson Appraisay Inc., an independent appraiser, to determine the assets' fair values, which are also provided. Inventory Land Building Haukap Book Value $59,520 39,850 69,990 $169,360 Fair Value $49,900 79,840 119,760 $249,500 During its fiscal year ended May 31, 2021, Bridgeport incurred $7,910 of interest expense to finance these assets. Transaction 3 On March 1, 2021, Bridgeport traded in four units of specialized equipment and paid an additional $25,000 cash for a technologically up-to-date machine that should do the same job as the other machines, but much more efficiently and profitably. The equipment that was traded in had a combined carrying amount of $34,570, as Bridgeport had recorded $44,750 of accumulated depreciation against these assets. Bridgeport's controller and the sales manager of the supplier company agreed that the new equipment had a fair value of $63,700. (51) For each of the three transactions described above, determine the value at which Bridgeport Corporation should record the acquired assets. For any measurement in ving present value concepts, provide your calculations using any of the following: tables, Excel functions, or a financial calculator. (Do not round intermediate calculations. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. The tables in this problem are to be used as a reference for this problem.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Transaction 1: Equipment Transaction 2: Inventory $ Land $ Building Transaction 3: Machine