Question 6 of 6 - 13 Plant acquisitions for selected companies are as follows. 1. Kingbird Industries Inc acquired land buildings, and equipment from a bankruptcompany, Torres Co. for a lump-sum price of $868,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $248.000 $186,000 Buildings 310,000 434,000 Equipment 372.000 372.000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land Buildings Equipment Cash 186,000 310,000 372,000 868,000 2. Oriole Enterprises purchased store equipment by making a $2,480 cash down payment and signing a 1-year, $28,520, 10% note payable. The purchase was recorded as follows. 33,852 Equipment Cash Notes Payable Interest Payable 2.480 28.520 2.852 3. Waterway Company purchased office equipment for $19,000, 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: 19.000 Equipment Cash Purchase Discounts 18.620 380 Question 6 of 6 -/3 E 4 Wildhorse Inc recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is $33,480. The company made no entry to record the land because it had no cost basis. 5. Sheffield Company built a warehouse for 5744800. It could have purchased the building for $917.600 The controller made the following entry Buildings 917,600 Cash Profit on Construction 744,000 173,600 Prepare the entry that should have been made at the date of each acquisition (Round intermediate calculations to 5 decimal palces.es 0.56487 and final answers to decimal places, es 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. Question 6 of 6 -/3 E Prepare the entry that should have been made at the date of each acquisition, (Round intermediate calculations to 5 decimal palces, es 0.56487 and final answers to decimal places, eg,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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2 3. 5. e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Awer