Current Attempt in Progress Plant acquisitions for selected companies are as follows 1. Belanna Industries Inc acquired land, buildings and equipment from a bankrupt company Torres Co, for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values Book Values Appraisal Values Land $200,000 $150,000 Buildings Equipment 250,000 350,000 300.000 300,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 150,000 Buildings 250,000 Equipment 300,000 Cash 700.000 2. Harry Enterprises purchased store equipment by making a $2.000 cash down payment and signing a 1-year, $21.000,10% payable. The purchase was recorded as follows. Equipment Cash Notes Payable Interest Payable 27,300 2000 23000 2.300 3. Kim Company purchased office equipment for $20000 terms 2/10 30 Because the company intended to take the discount made no entry until it paid for the acquisition. The entry was Equipment Cash Purchase Discounts 20.000 19600 400 Kaisson 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 $27,000. The company made no entry to record the land because it had no cost S.Zimmerman Company built a warehouse for $600,000. It could have purchased the building for $740,000. The controller made the following entry Buildings Cash 740.000 600,000 140,000 Profiton Construction Prepare the entry that should have been made at the date of each acquisition (Do not round intermediate calculations final O decimal places 58,971 Crestccount ties are automatically indented when amount is entered. De not indent manually entry required, select "No Entry for the account titles and enter O for the amounts, Elst all debit entries before No. Account Titles and Explanation 1. Debit Credit Prepare the entry that should have been made at the date of each acquisition. (Do not round intermediate calculations and final answers to O decimal places eg. 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. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Debit Credit 2. 3. 5.