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Question 1 Plant acquisitions for selected companles are as follows. 1. Sandhill Industries Inc, acquired land, buildings, and equipment from a bankrupt company, Torres Cor for a lump-sum price of $1,008,000, At the time of purchase, Torres's assets had the following book and appraisal values Book Values $288,000 360,000 432,000 Appraisal Values $216,000 504,000 432,000 Land Buildings 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 Equipment 216,000 360,000 432,000 Cash 1,008,000 2. Teal Enterprises purchased store equipment by making a S2,880 cash down payment and signing a 1-year, $33,120, 10% note payable. The purchase was recorded as follows. 39,312 Cash Notes Payable Interest Payable 2,890 33,120 3,312 3. Flint Company purchased office equipment for $21,900, 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: 21,900 21,462 433 Cash Purchase Discounts 4 Buffalo 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 38,880. The company made no entry to record the land because it had no cost basis. 5. Carla Company built a warehouse for $864,000. It could have purchased the building for $1,065,600. The controller made the following entry. Buildings 1,065,600 Cash Profit on Constructign 64,000 201,600 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 and final answers to 0decimal places, e.g. 5275. Credit account titles are automatically ind amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)