Plant acquisitions for selected companies are as follows. 1. Blue Spruce Corporation purchased a company car by making a $5,490 cash down payment and signing a 1-year, $24,400, 10% note payable. The purchase was recorded as follows. Automobiles 32,330 Cash 5,490 Notes Payable 24,400 Interest Payable 2.440 2. As an inducement to locate its new branch office in the city of Greenwood Acres, Crane Co. received land and a building from the city at no cost. The appraised value of the land was $61,000. The appraised value of the building was $213,500. Since it paid nothing for the land and building, Crane Co. made no journal entry to record the transaction. 3. Waterway Corporation purchased warehouse shelving for $122,000, terms 1/10, n/30. At the purchase date, Waterway intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was: Warehouse fixtures Cash Purchase Discounts 122,000 120,780 1,220