Plant acquisitions for selected companies are as follows.

1. Flint Corporation purchased a company car by making a $5,130 cash down payment and signing a 1-year, $22,800, 10% note payable. The purchase was recorded as follows.

Automobiles 30,210

Cash 5,130

Notes Payable 22,800

Interest Payable 2,280

2. As an inducement to locate its new branch office in the city of Greenwood Acres, Carla Vista Co. received land and a building from the city at no cost. The appraised value of the land was $57,000. The appraised value of the building was $199,500. Since it paid nothing for the land and building, Carla Vista Co. made no journal entry to record the transaction.

3. Pearl Corporation purchased warehouse shelving for $114,000, terms 1/10, n/30. At the purchase date, Pearl intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was:

Warehouse fixtures 114,000

Cash 112,860

Purchase Discounts 1,140

4. Wildhorse Company built a piece of equipment for its factory. The cost of constructing the equipment was $182,400. Wildhorse could have purchased the equipment for $216,600. The controller made the following entry.

Equipment 216,600

Cash, Materials, etc. 182,400

Profir on Construction 34,200

5. Tamarisk Inc. acquired land, buildings, and equipment from Sale Corp., for a lump-sum price of $1,140,000. The book values of the assets on Sales books at the date of purchase, as well as fair values for the assets, based on an appraisal performed shortly before the purchase, were as follows.

Asset Book Value Fair Value

Land $285,000 $399,000

Buildings 513,000 741,000

Equipment 570,000 342,000

Total $1,368,000 $1,482,000

The company decided to take the lower of the two values for each asset acquired. The following entry was made.

Land 285,000

Buildings 513,000

Equipment 342,000

Cash 1,140,000

Prepare the entry that should have been made at the date of each acquisition.