Plant acquisitions for selected companies are presented below. 1. Protex Inc. acquired land, buildings, and equipment from a bankrupt company, for a lump-sum price of $700,000. At the time of purchase, the assets had the following book and appraisal values.

		Book Values			Appraisal Values
Land		$200,000			$300,000
Buildings		450,000			250,000
Equipment		300,000			250,000

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

Land		200,000
Buildings		250,000
Equipment		250,000
Cash				700,000

2. Apple Industries purchased store equipment by making a $10,000 cash down payment and signing a 2-year, $40,000, 8% note payable. The purchase was recorded as follows.

Store Equipment		56,400
Cash				10,000
Note Payable				40,000
Interest Payable				6,400

3. Cherry Company purchased office equipment for $50,000, 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		50,000
Cash				49,500
Purchase Discounts				500

4. Bubble 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 $120,000. The company made no entry to record the land because it had no cost basis. 5. Gump Company built a warehouse for $750,000. It could have purchased the building for $900,000. The controller made the following entry.

Warehouse		900,000
Cash				750,000
Profit on Construction				150,000

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 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.)