Cant figure out how to fix the first question in this problem.

Exercise 10-6 Your answer is partially correct. Try again. Plant acquisitions for selected companies are as follows. 1. Monty Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $1,036,000. At the time of purchase, Torres's assets had the follo wing book and appraisal values Appraisal alues Land Buildings Equipment Book Values $296,000 370,000 444,000 $222,000 518,000 444,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land Buildings Equipment 222,000 370,000 444,000 Cash 1,036,000