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 $216,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows.

Date		Payment
March 1		$324,000
July 1		247,500
October 1		292,500

Coronado obtained a $630,000, 8% construction loan on March 1. Coronado repaid the loan on October 1. Coronado had $360,000 of other outstanding debt during the year at a borrowing rate of 9%. Asset 1: Coronado acquired office furniture by making a $6,750 down payment and issuing a $9,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $4,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $14,580. 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		$46,800
Accumulated depreciation on equipment traded in - to date of sale		30,600
Fair value of equipment traded		22,500
Cash received		2,250
Fair value of equipment acquired		20,250

Asset 3: Four computers were acquired by issuing 500 shares of $1 par value common stock. The stock had a market price of $12 per share. Assets 4 and 5: Coronado purchased these assets together for a lump sum of $207,000 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		$67,500			$18,000			$49,500			$45,000
Equipment		162,000			36,000			126,000			148,500
Trucks		58,500			13,500			45,000			31,500

Record the acquisition of each of these assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Acquisition of Asset 1
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Acquisition of Asset 2
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Acquisition of Asset 3
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Acquisition of Assets 4 and 5
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