record acquisition of each of these assets.

TOUWEN OFFEE Sandhill Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $160,000 cash. The following information was gathered. Initial Cost on Depreciation to Book Value on Description Seller's Books Date on Seller's Books Seller's Books Machinery $160,000 $80,000 $80,000 Equipment 96,000 16,000 80,000 Appraised Value $144,000 48.000 Asset 3: This machine was acquired by making a $16,000 down payment and issuing a $48,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $24,000 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $57,440. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows Cost of machinery traded $160,000 Accumulated depreciation to date of sale Fair value of machinery traded 128,000 Cash received 16,000 Fair value of machinery acquired 112,000 64,000 Asset 5: Equipment was acquired by issuing 100 shares of $13 par value common stock. The stock had a market price of $18 per share. in ban 128.000 Fair value of machinery traded Cash recitived Fair value of machinery cured 14.000 112,000 Aset Eponent was acquired by Wing 100 shares of 513 pw valueconwen stock. The stocktad price of $18 per har Construction of building. A building was constructed on hard purchased turn your at a cost of 5340.000. Construction team en February 1 and was completed on November. The payments to the contractor were as follows De 2/1 61 $199.000 576.000 768.000 180.000 92 111 To finance construction of the building 50.000.12% construction on was taken out on February 1. There November 1. The firm had $320.000 of other outstanding debt during the year aborrowing rate of Recond the suition of each of these met. Round Intermediate collation to decimal places 1.251 and final decimal places 56.971. dit accounts are automatically indert when amantenerel Derelindent me dry select "No Cry for the account and for the amounts) Debut Credit Account Titles and Explanation Action Assists and 2 Accountities and patio Asta C Ama 112000 Gainonposal of Machinery 32000 Acquisition of Assets Equiment 1600 Common Stock 1300 Pald-in Capital Inces Par-Conmo Stock 500 To record acquisition of Office Equipment) DOMINO 240000 1753600 Cash 1330400 76000 Intereste e Textbook and Media List of Accounts Attempt 1 of 5used Sub Save for Later winismo your score