..ooo Verizon LTE 4:13 PM Done Week 6 question 1.docx Lola industries purchased the following assets and constructed a building as well. All of this was done during the current year. These assets were purchased as a lump sum for si10,000 cash. The following was gathered: Aster's Books patron Set Machinery S600000 b) Asset 3 Office Equipment was acquired by issuing 300 shares of S6 par value common stock. The stock had a market value ofsi4 per share. Asset A: Construction of Building A building was constructed on land purchased last year at a cost of S150,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows: Date Payment 00,000 120,000 To finance construction of the building, aS600,000 10% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had S200,000 of other outstanding debt during the year at a borrowing rate of 7%. Required: Record all of the applicable acquisition/construction entries for each of these assets. Additional Notes Please note the following for the Construction of the