Plant acquisitions for selected companies are presented below. 1. Pina Inc. acquired land, buildings, and equipment from a bankrupt company, for a lump-sum price of $840,000. At the time of purchase, the assets had the following book and appraisal values.

		Book Values		Appraisal Values
Land		$240,000			$360,000
Buildings		540,000			300,000
Equipment		360,000			300,000

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

Land		240,000
Buildings		300,000
Equipment		300,000
Cash				840,000

2. Grouper Industries purchased store equipment by making a $12,000 cash down payment and signing a 2-year, $48,000, 8% note payable. The purchase was recorded as follows.

Store Equipment		67,680
Cash				12,000
Note Payable				48,000
Interest Payable				7,680

3. Monty Company purchased office equipment for $50,700, terms 1/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was:

Office Equipment		50,700
Cash				50,193
Purchase Discounts				507

4. Flounder Inc. recently received at zero cost land from the Village of Wellington as an inducement to locate its business in the Village. The appraised value of the land is $144,000. The company made no entry to record the land because it had no cost basis. 5. Culver Company built a factory for $900,000. It could have purchased the building for $1,080,000. The controller made the following entry.

Warehouse		1,080,000
Cash				900,000
Profit on Construction				180,000

Plant acquisitions for selected companies are presented below. 1. Pina Inc. acquired land, buildings, and equipment from a bankrupt company, for a lump-sum price of $840,000. At the time of purchase, the assets had the following book and appraisal values.

		Book Values		Appraisal Values
Land		$240,000			$360,000
Buildings		540,000			300,000
Equipment		360,000			300,000

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

Land		240,000
Buildings		300,000
Equipment		300,000
Cash				840,000

2. Grouper Industries purchased store equipment by making a $12,000 cash down payment and signing a 2-year, $48,000, 8% note payable. The purchase was recorded as follows.

Store Equipment		67,680
Cash				12,000
Note Payable				48,000
Interest Payable				7,680

3. Monty Company purchased office equipment for $50,700, terms 1/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was:

Office Equipment		50,700
Cash				50,193
Purchase Discounts				507

4. Flounder Inc. recently received at zero cost land from the Village of Wellington as an inducement to locate its business in the Village. The appraised value of the land is $144,000. The company made no entry to record the land because it had no cost basis. 5. Culver Company built a factory for $900,000. It could have purchased the building for $1,080,000. The controller made the following entry.

Warehouse		1,080,000
Cash				900,000
Profit on Construction				180,000

Prepare the entry that should have been made at the date of each acquisition. (Round intermediate calculations to 4 decimal palces, e.g. 0.5648 and final answers to 0 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. List all debit entries before credit entries.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
4.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
5.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount