Sheffield 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 $270,000 cash. The following information was gathered. Asset 3: This machine was acquired by making a $27,000 down payment and issuing a $81,000,2-year, zero-interest-bearing note. The note is to be paid off in two $40,500 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $96,930. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Asset 5: Equipment was acquired by issuing 100 shares of $22 par value common stock. The stock had a market price of $30 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $405,000. Construction began on February 1 and was completed on November 1 . The payments to the contractor were as follows. Construction of Building: A building was constructed on land purchased last year at a cost of $405,000. Construction began on February 1 and was completed on November 1 . The payments to the contractor were as follows. To finance construction of the building, a $1,620,000,12% construction loan was taken out on February 1. The loan was repaid on November 1 . The firm had $540,000 of other outstanding debt during the year at a borrowing rate of 8% Record the acqulsition of each of these assets. (Do not round intermediate calculations ond final answers to 0 decimal places eg. 58,971 Credit account titles are dutomatically indented when 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. List all debit entries before credit entries.) Acquisition of Asset 3 Machinery 108000 Cash 27000 Notes Payable \begin{tabular}{|} \hline 81000 \\ \\ \hline \end{tabular} Acquisition of Asset 4 Acquisition of Asset 5 (To record acquisition of Office Equipment) (To record construction of Building)