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Coronado Industries Inc. constructed a building and acquired five assets during the current year. Construction of Building: A building was constructed on land purchased last

Coronado Industries Inc. constructed a building and acquired five assets during the current year.
Construction of Building: A building was constructed on land purchased last year at a cost of $254,400. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows.
Date Payment
March 1 $381,600
July 1 291,500
October 1 344,500
Coronado obtained a $742,000, 8% construction loan on March 1. Coronado repaid the loan on October 1. Coronado had $424,000 of other outstanding debt during the year at a borrowing rate of 9%.
Asset 1: Coronado acquired office furniture by making a $7,950 down payment and issuing a $10,600, 2-year, zero-interest-bearing note. The note is to be paid off in two $5,300 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $17,172.
Asset 2: Coronado acquired manufacturing equipment by trading in used manufacturing equipment. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows.
Cost of equipment traded in $55,120
Accumulated depreciation on equipment traded in - to date of sale 36,040
Fair value of equipment traded 26,500
Cash received 2,650
Fair value of equipment acquired 23,850
Asset 3: Four computers were acquired by issuing 500 shares of $1 par value common stock. The stock had a market price of $13 per share.
Assets 4 and 5: Coronado purchased these assets together for a lump sum of $243,800 cash. The following information was gathered.
Description Initial Cost on
Sellers Books Depreciation to
Date on Sellers Books Book Value on
Sellers Books Appraised Value
Forklifts $79,500 $21,200 $58,300 $53,000
Equipment 190,800 42,400 148,400 174,900
Trucks 68,900 15,900 53,000 37,100
Record the acquisition of each of these assets.

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