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 $952,000. At the time of purchase. Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $272,000 340,000 Buildings $204,000 476,000 400,000 Equipment 408,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 204,000 Buildings 340,000 Equipment 408,000 Cash 952,000 2. Sweet Enterprises purchased store equipment by making a $2,720 cash down payment and signing a 1-year. $31.280, 10% note payable. The purchase was recorded as follows. 37.128 Equipment Cash Notes Payable Interest Payable 2.720 31,280 3,128 3.Pharoah Company purchased office equipment for $19.800 terms 2/10, 1/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was: 19,800 Equipment Cash Purchase Discounts 19,404 396 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 $36.720. The company made no entry to record the land because it had no cost basis. 5. Splish Company built a warehouse for $816,000. It could have purchased the building for $1,006,400. The controller made the following entry. 1,006,400 Buildings Cash Profit on Construction 816,000 190.400 Prepare the entry that should have been made at the date of each acquisition (Round intermediate calculations to 5 decimal poles. c.9.0.56487 and final answers to decimal places, cs. 5.275. Credit account titles are automatically No. Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Attempts: 0 of 3 used