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Nash Industries purchased the following assets and constructed a building as well. All this was done during the current year, Assets 1 and 2; These assets were purchased as a lump sum for $140,000 cash. The following information was gathered. Asset 3: This machine was acquired by making a $14,000 down payment and issuing a $42,000,2-year, zero-interest-bearing note The note is to be paid off in two $21,000 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $50,260. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance) Facts concerning the trade-in are as follows. Asset 5: Equipment was acquired by issuing 100 shares of $11 par value common stock. The stock had a market price of $15 per share. Construction of Building: A building was constructed on land purctused last year at a cost of $210.000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as fallows. To finance construction of the building. a $840.000.12K construction loan was taken out on February 1 . The loariwas rebaid on November 1 . The firm had $280.000 of other outstanding debt during the year at a borrowine rate of ax. required, select "No Enty' for the occount tities and enter ofor the anowing. November 1, The firm had $200.000 of other outitanding debt during the war at a borrowing rate of ane be ereris