from a bankrupt company, Torres Co., for a lump-sum price of $840,000. At the time of purchase, Torres's assets had Land $240,000 300,000 360,000 $180,000 420,000 350,000 Equipment To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made 180,000 300,000 360,000 Land Equipment Cash 840,000 2. S tet Enterprises purchased store equipment by making a $2,400 cash down payment and signing a 1-year, $27,600 10% rote payable. The purchase was recorded as follows. Equipment 32,760 Cash 2,400 2,760 3. Pharoah Company purchased office equipment for $20,700, 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