Sheridan 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 $200,000 cash. The following information was gathered.

Description		Initial Cost on Sellers Books			Depreciation to Date on Sellers Books			Book Value on Sellers Books			Appraised Value
Machinery		$200,000			$100,000			$100,000			$180,000
Equipment		120,000			20,000			100,000			60,000

Asset 3: This machine was acquired by making a $20,000 down payment and issuing a $60,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $30,000 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $71,800. 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		$200,000
Accumulated depreciation to date of sale		80,000
Fair value of machinery traded		160,000
Cash received		20,000
Fair value of machinery acquired		140,000

Asset 5: Equipment was acquired by issuing 100 shares of $16 par value common stock. The stock had a market price of $22 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $300,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows.

Date		Payment
2/1		$240,000
6/1		720,000
9/1		960,000
11/1		200,000

To finance construction of the building, a $1,200,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $400,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets.