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Concord 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 $150,000 cash. The following information was gathered. Asset 3: This machine was acquired by making a $15,000 down payment and issuing a $45,000,2-year, zero-interest-bearing note. The note is to be paid off in two $22,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $53,850. 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 $12 par value common stock. The stock had a market price of $17 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $225,000. Construction began on February 1 and was completed on November 1 . The payments to the contractor were as follows. To finance construction of the building, a $900,000,12% construction loan was taken out on February 1 . The loan was repaid on November 1 . The firm had $300,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Do not round intermediate calculations and final answers to 0 decimal places e.g. 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 0 for the amounts. List all debit entries before credit entries.) Question 4 of 5 12: Acquisition of Assets 1 and 2 Acquisition of Asset 3 Acquisition of Asset 4 Question 4 of 5 /2 Acquisition of Asset 4 Acquisition of Asset 5 (To record acquisition of Office Equipment) Concord 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 $150,000 cash. The following information was gathered. Asset 3: This machine was acquired by making a $15,000 down payment and issuing a $45,000,2-year, zero-interest-bearing note. The note is to be paid off in two $22,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $53,850. 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 $12 par value common stock. The stock had a market price of $17 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $225,000. Construction began on February 1 and was completed on November 1 . The payments to the contractor were as follows. To finance construction of the building, a $900,000,12% construction loan was taken out on February 1 . The loan was repaid on November 1 . The firm had $300,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Do not round intermediate calculations and final answers to 0 decimal places e.g. 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 0 for the amounts. List all debit entries before credit entries.) Question 4 of 5 12: Acquisition of Assets 1 and 2 Acquisition of Asset 3 Acquisition of Asset 4 Question 4 of 5 /2 Acquisition of Asset 4 Acquisition of Asset 5 (To record acquisition of Office Equipment)