Cullumber Industries Corp. purchased the following assets and also constructed a building. All this was done during the current year using a variety of financing alteratives. Assets 1 and 2 These assets were purchased together for $123,000 cash. The following Information was gathered: Depreciation Initial Coston Seller's Books to Date on Seller's Books Book Value on Seller's Books Appraised Value Description Machinery $114,000 $51,000 $63,000 $105,000 Equipment 61,000 10,000 51,000 35,000 Asset 3 This machine was acquired by making a $10,000 down payment and lauling a $31,900, two-year, zero-interest-bearing note. The note la to be paid off in two $15,950 Instalments made at the end of the first and second years. It was determined that the asset could have been purchased outright for $35,700. Asset 4 A truck was acquired by trading in an older truck that has the same value in use. The newer truck has options that will make it more comfortable for the driver; however, the company remains in the same economic position after the exchanges before. Facts concerning the trade-in areas follows: Cost of truck traded $109,000 Accumulated depreciation to date of exchange 40,000 Fair market value of truck traded 80,000 Cesh paid by Cullumber 9,900 Fair market value of truck acquired 78,000 Asset 5 Equipment was acquired by lasing 170 common shares. The shares are actively traded and had a closing market price a few days before the equipment was acquired of $11 per share. Alternatively, the equipment could have been purchased for a cash price of $1,845. Construction of Buliding A building was constructed on land that was purchased January 1 at a cost of $151,000. Construction began on February 1 and was completed November 1. The payments to the contractor were as follows: Date Payment Feb.1 $118,000 June 1 372,000 Sept. 1 486,000 Nov. 1 104,000 To Finance construction of the building a $610,000, 12% construction loan was taken out on February 1. At the beginning of the project, Cullumber Invested the portion of the construction loan that was not yet expended and earned Investment Income of $4,700 The loan was repaid on November 1 when the construction was completed. The firm had $197,000 of other outstanding debt during the year at a borrowing rate of 11% and a $207,000 loan payable outstanding at a borrowing rate of 85%. (2) Cullumber uses a variety of alternatives to finance its equations. Record the acqulation of each of these assets, assuming that Cullumber prepares financial statements in accordance with IFRS. Use the net amount to record the note. (Credit account titles are automatically indented when the amount is entered. Do not indent