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Please explain in detail. Thank you. Asset 5: Equipment was acquired by issuing 100 shares of $26 par value common stock. The stock had a

Please explain in detail. Thank you.

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Asset 5: Equipment was acquired by issuing 100 shares of $26 par value common stock. The stock had a market price of $35 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $480,000. Construction began on February 1 and was completed on November 1 . The payments to the contractor were as follows. To finance construction of the building, a $1,920,000,12% construction loan was taken out on February 1 . The loan was repaid on November 1 . The firm had $640,000 of other outstanding debt during the year at a borrowing rate of 8%. Acquisition of Asset 5 Equipment 3500 Common Stock Paid-in Capital in Excess of Par - Common Stock (To record acquisition of Office Equipment) Buildings Cash Interest Payable

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