Current Attempt in Progress Plant acquisitions for selected companies are as follows. 1. Cullumber Industries Inc. acquired land, buildings, and equipment from a bankrupt company. Torres Co., for a lump-sum price of $798,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $228,000 $171,000 Buildings Equipment 285,000 399,000 342,000 342,000 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 171,000 285,000 Equipment 342,000 Cash 798,000 2. Riverbed Enterprises purchased store equipment by making a $2,280 cash down payment and signing a 1-year, $26,220, 10% note payable. The purchase was recorded as follows. Equipment Cash 31,122 2,280 26,220 Interest Payable 2,622 Notes Payable 3. Marin Company purchased office equipment for $21,500, terms 2/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was: Equipment Cash Purchase Discounts 21,500 21,070 430 4. Headland Inc. recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is $30,780. The company made no entry to record the land because it had no cost basis. 5. Sage Company built a warehouse for $684,000. It could have purchased the building for $843,600. The controller made the following entry. Buildings Cash Profit on Construction 843,600 684,000 159,600 Prepare the entry that should have been made at the date of each acquisition. (Round intermediate calculations to 5 decimal palces, e.g. 0.56487 No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5.