Pearl Industries Inc. constructed a building and acquired five assets during the current year. Construction of Building: A building was constructed on land purchased last year at a cost of $201,600. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date Payment March 1 $302,400 July 1 231,000 October 1 273,000 Pearl obtained a $588,000, 8% construction loan on March 1. Pearl repaid the loan on October 1. Pearl had $336,000 of other outstanding debt during the year at a borrowing rate of 9%. Asset 1: Pearl acquired office furniture by making a $6,300 down payment and issuing a $8,400, 2-year, zero-interest-bearing note. The note is to be paid off in two $4,200 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $13,608. Asset 2: Pearl acquired manufacturing equipment by trading in used manufacturing equipment. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of equipment traded in $43,680 Accumulated depreciation on equipment traded in - to date of sale 28,560 Fair value of equipment traded 21,000 Cash received 2,100 Fair value of equipment acquired 18,900 Asset 3: Four computers were acquired by issuing 500 shares of $1 par value common stock. The stock had a market price of $13 per share. Assets 4 and 5: Pearl purchased these assets together for a lump sum of $193,200 cash. The following information was gathered. Description Initial Cost on Sellers Books Depreciation to Date on Sellers Books Book Value on Sellers Books Appraised Value Forklifts $63,000 $16,800 $46,200 $42,000 Equipment 151,200 33,600 117,600 138,600 Trucks 54,600 12,600 42,000 29,400 Record the acquisition of each of these assets..