Marin 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 $310,000 cash. The following information was gathered. Initial Cost on Seller's Books Depreciation to Date on Seller's Books $155,000 31,000 Book Value on Seller's Books Description Machinery Equipment Appraised Value $279,000 93,000 $310,000 186,000 $155,000 155,000 Asset 3: This machine was acquired by making a $31,000 down payment and issuing a $93,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $46,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $111,290. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of machinery traded Accumulated depreciation to date of sale Fair value of machinery traded Cash received Fair value of machinery acquired $310,000 124,000 248,000 31,000 217,000 Asset 5: Equipment was acquired by issuing 100 shares of $25 par value common stock. The stock had a market price of $34 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $465,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date 2/1 6/1 Payment $372,000 1,116,000 1,488,000 310,000 9/1 11/1 To finance construction of the building, a $1,860,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $620,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do natindant manuallyIf neon red colactonantry for the account title and enter for the amount Debit Credit Account Titles and Explanation Acquisition of Assets 1 and 2 Machinery 232500 Equipment 77500 cash 310000 Acquisition of Asset 3 Machinery 111290 Interest Expense 12710 Cash 31000 Notes Payable 93000 Acquisition of Asset 4 Machinery 217000 Cash 31000 Accumulated Depreciation-Machinery 124000 Gain on Disposal of Machinery 186000 Machinery 186000 Acquisition of Asset 5 Equipment 3400 Common Stock Paid-in Capital in Excess of Par - Common Stock (To record acquisition of Office Equipment) Buildings Land Cash Interest Expense