Plant acquisitions for selected companies are as follows.

1. Waterway Industries Inc. acquired land, buildings, and equipment from a bankrupt company. Torres, Co,. for a lump-sum price of $966,000. At the time of purchase, Torres's assets had the following book and appraisal values.

	Book Values	Appraisal Values
Land	$276,000	$207,000
Buildings	345,000	483,000
Equipment	414,000	414,000

To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was was made.

Land	207,000
buildings	345,000
equipment	414,000
Cash		966,000

2. Wildhorse Enterprise purchased store equipment by making a $2,760 cash down payment and signing a 1-year, $31,740, 10% note payable. The Purchase was recorded as follows.

Equioment	37,674
Cash		2,760
Notes Payable		31,740
Interest Payable		3,174

3. Sheffield Company purchased office equipment for $18,700, 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	18,700
Cash		18,326
Purchase Discounts		374

4. Tamarisk Inc recently recieved at zero cost land from Village of Cassandra as an inducement to locate its business in the Village. The appraised value of the land is $37,260. The company made no entry to record the land because it had no cost basis.

5. Vaughn Company built a warehouse for $828,000. It could have purchased the building for $1,021,200. The controller made the follwowing entry.

Buildings	1,021,200
Cash		828,000
Profit on construction		193,200

Prepare the entry that should have been made at the date of acquisitions (round intermediate calculations to 5 decimal places e.g., 0.56487 and final answer to 0 decimal places, e.g. 5,275).

*Please show your work and complete the journal entry. Thank you

No.	Account titles and explanation	Debit	Credit
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