Sandhill Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $720,000. At the time of purchase, Torres's assets had the following book and appraisal values: Sandhill Industries decided to take the lower of the two values for each asset it acquired. The following entry was made: Sandhill Industries expects the building structure to last another 20 years; however, it expects that it will have to replace the roof in the next five years. Torres Co. indicated that, on initial construction of the building, the roof amounted to 20% of the cost of the building materials needed to replace the roof, the contractors stated that the roof structure is currently worth 16% of the value of Hari Enterprises purchased equipment by making a $1,700 cash down payment and signing a $28,700, one-year, 12% note payas recorded as follows: Kim Company purchased equipment for $26,300, 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: was $32,900. The company made no entry to record the land because it had no cost basis. following entry: Buildings 753,000 Zimmerman Company built a warehouse for $599,000. It could have contracted out and purchased the building for $753,000. The controller made the following entry: Prepare the entry that should have been made at the date of each acquisition. (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 0 for the amounts. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) 2. 3. 4. 5. Prepare the correcting entry that is required in each case to correct the accounts. In other words, do not simply reverse the incorrect entry and replace it with Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) 2. 3. 4. 5