Plant acquisitions for selected companies are as follows. 1. Indigo Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump- sum price of $ 980,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $ 280,000 $ 210,000 Buildings 350,000 490,000 Equipment 420,000 420,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 210,000 Buildings 350,000 Equipment 420,000 Cash 980,000 2. Sweet Enterprises purchased store equipment by making a $ 2,800 cash down payment and signing a 1-year, $ 32,200, 10% note payable. The purchase was recorded as follows. Equipment 38,220 Cash 2,800 Notes Payable 32,200 Interest Payable 3,220 3. Pharoah Company purchased office equipment for $ 21,100, terms 2/ 10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was: Equipment 21,100 Cash 20,678 Purchase Discounts 422 4. Novak Inc. recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is $ 37,800. The company made no entry to record the land because it had no cost basis. a 5. Splish Company built a warehouse for $ 840,000. It could have purchased the building for $ 1,036,000. The controller made the following entry. Buildings 1,036,000 Cash 840,000 Profit on Construction 196,000 Prepare the entry that should have been made at the date of each acquisition. (Round intermediate calculations to 5 decimal palces, e.g. 0.56487 and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5