Cheyenne Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $330,000 cash. The following information was gathered. Description Initial Cost on Seller's Books Depreciation to Date on Seller's Books Book Value on Seller's Books Appraised Value Machinery $330,000 $165,000 $165,000 $297,000 Equipment 198,000 33,000 165,000 99,000 Asset 3: This machine was acquired by making a $33,000 down payment and issuing a $99,000, 2-year, zero-interest-bearing note. Th note is to be paid off in two $49,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $118,470. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of machinery traded $330,000 Accumulated depreciation to date of sale 132,000 Fair value of machinery traded 264,000 Cash received 33,000 Fair value of machinery acquired 231,000 Asset 5: Equipment was acquired by issuing 100 shares of $26 par value common stock. The stock had a market price of $36 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $495,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date Payment 2/1 $396,000 6/1 1,188,000 9/1 1,584,000 11/1 330,000 To finance construction of the building, a $1,980,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $660,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answer to O 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 O for the amounts.) Account Titles and Explanation Acquisition of Assets 1 and 2 Debit Credit Machinery Equipment Cash Acquisition of Asset 3 994 247,500 82,500 330,000 Acquisition of Asset 3 Machinery Discount on Notes Payable Notes Payable Cash Acquisition of Asset 4 Machinery Cash 118,470 13,530 173250 33,000 Accumulated Depreciation-Machinery 132,000 Machinery Gain on Disposal of Machinery Acquisition of Asset 5 Equipment Common Stock Paid-in Capital in Excess of Par-Common Stock (To record acquisition of Office Equipment) 3600 99,000 33,000 330,000 8250 2600 1000 Machinery Gain on Disposal of Machinery Acquisition of Asset 5 Equipment Common Stock Paid-in Capital in Excess of Par - Common Stock (To record acquisition of Office Equipment) Buildings Land Cash Interest Expense eTextbook and Media 3600 495,000 330,000 8250 2600 1000 126720