Plant acquisitions for selected companies are as follows. 1. Grouper Corporation purchased a company car by making a $3,870 cash down payment and signing a 1-year, $17,200, 10% note payable. The purchase was recorded as follows. Automobiles 22,790 Cash Notes Payable Interest Payable 3,870 17,200 1,720 2. As an inducement to locate its new branch office in the city of Greenwood Acres, Sheridan Co. received land and a building from the city at no cost. The appraised value of the land was $43,000. The appraised value of the building was $150,500. Since it paid nothing for the land and building, Sheridan Co. made no journal entry to record the transaction. 3. Headlands Corporation purchased warehouse shelving for $86,000, terms 1/10, n/30. At the purchase date, Headlands intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was: Warehouse fixtures 86,000 85,140 860 Cash Purchase Discounts 4. Crane Company built a piece of equipment for its factory. The cost of constructing the equipment was $137,600. Crane could have purchased the equipment for $163,400. The controller made the following entry. Equipment 163,400 Cash, Materials, etc Profir on Construction 137,600 25,800 5. Skysong Inc. acquired land, buildings, and equipment from Sale Corp., for a lump-sum price of $860,000. The book values of the assets on Sale's 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 Book Value Fair Value Asset Land Buildings Equipment Total $215,000 387,000 430,000 $1,032,000 $301,000 S59,000 258,000 $1,118,000 The company decided to take the lower of the two values for each asset acquired. The following entry was made Land Buildings Equipment 215,000 387,000 258,000 Cash 860,000 Prepare the entry that should have been made at the date of each acquisition. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Plant acquisitions for selected companies are as follows. 1. Grouper Corporation purchased a company car by making a $3,870 cash down payment and signing a 1-year, $17,200, 10% note payable. The purchase was recorded as follows. Automobiles 22,790 Cash Notes Payable Interest Payable 3,870 17,200 1,720 2. As an inducement to locate its new branch office in the city of Greenwood Acres, Sheridan Co. received land and a building from the city at no cost. The appraised value of the land was $43,000. The appraised value of the building was $150,500. Since it paid nothing for the land and building, Sheridan Co. made no journal entry to record the transaction. 3. Headlands Corporation purchased warehouse shelving for $86,000, terms 1/10, n/30. At the purchase date, Headlands intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was: Warehouse fixtures 86,000 85,140 860 Cash Purchase Discounts 4. Crane Company built a piece of equipment for its factory. The cost of constructing the equipment was $137,600. Crane could have purchased the equipment for $163,400. The controller made the following entry. Equipment 163,400 Cash, Materials, etc Profir on Construction 137,600 25,800 5. Skysong Inc. acquired land, buildings, and equipment from Sale Corp., for a lump-sum price of $860,000. The book values of the assets on Sale's 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 Book Value Fair Value Asset Land Buildings Equipment Total $215,000 387,000 430,000 $1,032,000 $301,000 S59,000 258,000 $1,118,000 The company decided to take the lower of the two values for each asset acquired. The following entry was made Land Buildings Equipment 215,000 387,000 258,000 Cash 860,000 Prepare the entry that should have been made at the date of each acquisition. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)