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Blossom Industries Corp. purchased the following assets and also constructed a building. All this was done during the current year using a variety of financing alternatives. Assets 1 and 2 These assets were purchased together for $116,000 cash. The following information was gathered: Initial Cost on Seller's Books Depreciation to Date on Seller's Books Book Value on Seller's Books Appraised Value Description Machinery $119.000 $51,000 $68,000 $90,000 Equipment 68,000 10.000 58.000 30,000 Asset 3 This machine was acquired by making a $9,000 down payment and issuing a $30,500, two-year, zero-interest-bearing note. The note is to be paid off in two $15,250 instalments made at the end of the first and second years. It was determined that the asset could have been purchased outright for $34,600. Asset 4 A truck was acquired by trading in an older truck that has the same value in use. The newer truck has options that will make it more comfortable for the driver; however, the company remains in the same economic position after the exchange as before. Facts concerning the trade-in are as follows: Cost of truck traded $108.000 Accumulated depreciation to date of exchange 35,000 Fair market value of truck traded 80.000 Cash paid by Blossom 9,300 Fair market value of truck acquired 70,000 Asset 5 Equipment was acquired by issuing 120 common shares. The shares are actively traded and had a closing market price a few days before the equipment was acquired of $11 per share. Alternatively, the equipment could have been purchased for a cash price of $1.295. Construction of Building A building was constructed on land that was purchased January 1 at a cost of $156,000. Construction began on February 1 and was completed November 1. The payments to the contractor were as follows: Date Payment Feb. 1 $117,000 June 1 360.000 Sept. 1 486,000 Nov. 1 106,000 To finance construction of the building, a $612,000, 12% construction loan was taken out on February 1. At the beginning of the project, Blossom invested the portion of the construction loan that was not yet expended and earned investment income of $4,900. The loan was repaid on November 1 when the construction was completed. The firm had $191,000 of other outstanding debt during the year at a borrowing rate of 11% and a $199,000 loan payable outstanding at a borrowing rate of 8%. Your answer is partially correct. Blossom uses a variety of alternatives to finance its acquisitions. Record the acquisition of each of these assets, assuming that Blossom prepares financial statements in accordance with IFRS. Use the net amount to record the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round capitalization rate to 2 decimal places, e.g. 52.75% and final answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Acquisition of Assets 1 and 2 Machinery 87000 Equipment 29000 Cash 116000 Acquisition of Asset 3 Machinery 39500 Notes Payable 30500 Cash 9000 Acquisition of Asset 4 Machinery 82300 Accumulated Depreciation - Machinery 35000 Cash 9300 Gain on Disposal of Machinery 108000 Acquisition of Asset 5 Equipment 1320 Common Shares 1320 TAI Construction of Building Buildings 1179370 Land 156000 Cash 1069000 Interest Expense 110370 e Textbook and Media List of Accounts X Your answer is incorrect. What was the effective interest rate used in negotiating the note payable used to acquire the machinery in Asset 3? Use Excel or a financial calculator to arrive at your answer. (Round final answer to 3 decimal places, e.g. 1.234%.) 14.16 Effective interest rate %