I would like help with the second set of journal entries entitled "Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entry in the part above." Thank you!

Question 1 of 1 > - / 1 View Policies Current Attempt in Progress Plant acquisitions for selected companies are as follows: 1. Crane Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump- sum price of $ 767,000. At the time of purchase, Torres's assets had the following book and appraisal values: Book Value Appraisal Value Land $ 208,000 $ 151,000 Buildings 244,000 344,000 Equipment 372,000 372,000 Crane Industries decided to take the lower of the two values for each asset it acquired. The following entry was made: Land 151,000 Buildings 244,000 Equipment 372,000 Cash 767,000 Crane Industries expects the building structure to last another 20 years; however, it expects that it will have to replace the roof in the next five years. Torres Co. indicated that, on initial construction of the building, the roof amounted to 20% of the cost of the building. Because of the unique design and materials needed to replace the roof, the contractors stated that the roof structure is currently worth 17% of the value of the building purchase. 2. Hari Enterprises purchased equipment by making a $1,600 cash down payment and signing a $27,800, one- year, 12% note payable. The purchase was recorded as follows: Equipment 32,736 Cash 1,600 Notes Payable 27,800 Interest Payable 3,336 3. Kim Company purchased equipment for $ 23,800, 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: Equipment 23,800 Cash 23,324 Purchase Discounts 476 Question 1 of 1 > - / 1 3. Kim Company purchased equipment for $ 23,800, 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: Equipment 23,800 Cash 23,324 Purchase Discounts 476 4. Kaiser Inc. recently received land at zero cost from the Village of Chester as an inducement to locate its business in the village. The land's appraised value was $ 27,700. The company made no entry to record the land because it had no cost basis. 5. Zimmerman Company built a warehouse for $621,000. It could have contracted out and purchased the building for $ 760,000. The controller made the following entry: Buildings 760,000 Cash 621,000 Sales Revenue 139,000 Prepare the entry that should have been made at the date of each acquisition. (Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. Land 133584 Buildings 304323 Equipment 329093 Buildings - Roof 51735 Cash 818735 2. Equipment 29400 Notes Payable 27800 Cash 1600 3. Equipment 23324 Question 1 of 1 > -/1 III 2. Equipment 29400 Notes Payable 27800 Cash 1600 3. Equipment 23324 Accounts Payable 23324 4. Land 27700 Revenue - Government Grants 27700 5. Buildings 621000 Cash 621000 e Textbook and Media Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entry in the part above. (Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. 2. 3. Question 1 of 1 > - / 1 Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entry in the part above. (Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. 4 2. 3. 4. Land Revenue - Government Grants 5. Buildings Cash e Textbook and Media Save for Later Last saved 1 second ago. Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes. Question 1 of 1 > - / 1 View Policies Current Attempt in Progress Plant acquisitions for selected companies are as follows: 1. Crane Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump- sum price of $ 767,000. At the time of purchase, Torres's assets had the following book and appraisal values: Book Value Appraisal Value Land $ 208,000 $ 151,000 Buildings 244,000 344,000 Equipment 372,000 372,000 Crane Industries decided to take the lower of the two values for each asset it acquired. The following entry was made: Land 151,000 Buildings 244,000 Equipment 372,000 Cash 767,000 Crane Industries expects the building structure to last another 20 years; however, it expects that it will have to replace the roof in the next five years. Torres Co. indicated that, on initial construction of the building, the roof amounted to 20% of the cost of the building. Because of the unique design and materials needed to replace the roof, the contractors stated that the roof structure is currently worth 17% of the value of the building purchase. 2. Hari Enterprises purchased equipment by making a $1,600 cash down payment and signing a $27,800, one- year, 12% note payable. The purchase was recorded as follows: Equipment 32,736 Cash 1,600 Notes Payable 27,800 Interest Payable 3,336 3. Kim Company purchased equipment for $ 23,800, 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: Equipment 23,800 Cash 23,324 Purchase Discounts 476 Question 1 of 1 > - / 1 3. Kim Company purchased equipment for $ 23,800, 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: Equipment 23,800 Cash 23,324 Purchase Discounts 476 4. Kaiser Inc. recently received land at zero cost from the Village of Chester as an inducement to locate its business in the village. The land's appraised value was $ 27,700. The company made no entry to record the land because it had no cost basis. 5. Zimmerman Company built a warehouse for $621,000. It could have contracted out and purchased the building for $ 760,000. The controller made the following entry: Buildings 760,000 Cash 621,000 Sales Revenue 139,000 Prepare the entry that should have been made at the date of each acquisition. (Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. Land 133584 Buildings 304323 Equipment 329093 Buildings - Roof 51735 Cash 818735 2. Equipment 29400 Notes Payable 27800 Cash 1600 3. Equipment 23324 Question 1 of 1 > -/1 III 2. Equipment 29400 Notes Payable 27800 Cash 1600 3. Equipment 23324 Accounts Payable 23324 4. Land 27700 Revenue - Government Grants 27700 5. Buildings 621000 Cash 621000 e Textbook and Media Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entry in the part above. (Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. 2. 3. Question 1 of 1 > - / 1 Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with the entry in the part above. (Credit account titles are automatically indented when the 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. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. 4 2. 3. 4. Land Revenue - Government Grants 5. Buildings Cash e Textbook and Media Save for Later Last saved 1 second ago. Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes