Plant acquisitions for selected companies are as follows. 1. Marigold Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $742,000. At the time of purchase, Torres's assets had the following book and appraisal values Appraisal Values Book Values Land Buildings Equipment $212,000 265,000 318,000 $159,000 371,000 318,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made Land Buildings 265,000 Equipment 318,000 159,000 Cash 742,000 2. Swifty Enterprises purchased store equipment by making a $2,120 cash down payment and signing a 1-year, $24,380, 10% note payable. The purchase was recorded as follows Equipment 28,938 Cash Notes Payable Interest Payable 2,120 24,380 2,438 3. Nash Company purchased office equipment for $20,800, 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 20,800 20,384 Cash Purchase Discounts 416 4. Crane 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 $28,620. The company made no entry to record the land because it had no cost basis 5. Cheyenne Company built a warehouse for $636,000. It could have purchased the building for $784,400. The controller made the following entry Buildings 784,400 Cash 636,000 148,400 Profit on Construction 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 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Land Buildings Equipment Cash 2. Equipment Cash Notes Payable Equipment Accounts Payable 4. Land Contribution Revenue 5. Buildings Cash