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 $290,000 cash. The following information was gathered. Initial Cost on Seller's Books Depreciation to Date on Seller's Books $145,000 29,000 Book Value on Seller's Books Description Machinery Equipment $290,000 174,000 $145,000 145,000 Appraised Value $261,000 87,000 Asset 3: This machine was acquired by making a $29,000 down payment and issuing a $87,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $43,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $104,110. 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 Accumulated depreciation to date of sale Fair value of machinery traded Cash received Fair value of machinery acquired $290,000 116,000 232,000 29,000 203,000 Asset 5: Equipment was acquired by issuing 100 shares of $23 par value common stock. The stock had a market price of $32 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $435,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date 2/1 6/1 9/1 Payment $348,000 1,044,000 1,392,000 290,000 11/1 To finance construction of the building, a $1,740,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $580,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971. 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 Ofor the amounts.) Debit Credit Account Titles and Explanation Acquisition of Assets 1 and 2 Machinery 217,500 Equipment 72,500 Cash 290,000 Acquisition of Asset 3 Machinery 104,110 Discount on Notes Payable 11,890 Cash 29,000 Notes Payable 87,000 Acquisition of Asset 4 Machinery Accumulated Depreciation-Building 116,000 Cash 29,000 Machinery 290,000 Gain on Disposal of Machinery Acquisition of Asset 5 Equipment Common Stock Paid-in Capital in Excess of Par - Common Stock (To record acquisition of Equipment) Land Buildings cash Interest Expense