Plant acquisitions for selected companies are as follows. 1. Marin Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $728,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $208,000 $156,000 Buildings 364,000 260,000 312,000 Equipment 312.000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 156,000 Buildings 260,000 Equipment 312,000 Cash 728,000 2. Headland Enterprises purchased store equipment by making a $2,080 cash down payment and signing a 1-year, $23,920, 10% note payable. The purchase was recorded as follows. Equipment 28,392 Cash Notes Payable Interest Payable 2,080 23,920 2,392 3. Sage Company purchased office equipment for $21,400, 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: 21.400 Equipment Cash Purchase Discounts 20,972 428 4. Pronghorn 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 $28,080. The company made no entry to record the land because it had no cost basis. 5. Stellar Company built a warehouse for $624,000. It could have purchased the building for $769,600. The controller made the following entry. 769,600 Buildings Cash Profit on Construction 624,000 145,600 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 Ofor the amounts.) No. Account Titles and Explanation Debit Credit 1. 1. 2. - 3. | 5