Plant acquisitions for selected companies are as follows. 1. Oriole 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. Book Values Land Buildings Equipment $212,000 265,000 318,000 Appraisal Values $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 Equipment Cash 159,000 265,000 318,000 742,000 2. Waterway 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. 28,938 Equipment Cash Notes Payable Interest Payable 2,120 24,380 2.438