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Tamarisk 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 $240,000 cash. The following information was gathered. Description Machinery Equipment Initial Cost on Seller's Books $240,000 144,000 Depreciation to Date on Seller's Books $120,000 24,000 Book Value on Seller's Books $120,000 120,000 Appraised Value $216,000 72,000 Asset 3: This machine was acquired by making a $24,000 down payment and issuing a $72,000, 2-year, zero-interest- bearing note. The note is to be paid off in two $36,000 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $86,160. 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 $240,000 96,000 192,000 24,000 168,000 Asset 5: Equipment was acquired by issuing 100 shares of $19 par value common stock. The stock had a market price of $26 per share. Construction of Building: A building was constructed on land purchased last year at a cost of $360,000. 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 11/1 Payment $288,000 864,000 1,152,000 240,000 To finance construction of the building, a $1,440,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $480,000 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 0 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 o for the amounts.) Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 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 o for the amounts.) Debit Credit Account Titles and Explanation Acquisition of Assets 1 and 2 Machinery 180000 Equipment 60000 Cash 240000 Acquisition of Asset 3 Machinery 86160 Discount on Notes Payable 9840 Cash 24000 Notes Payable 72000 Acquisition of Asset 4 Machinery Accumulated Depreciation-Machinery 96000 Cash 24000 Machinery 240000 Gain on Disposal of Machinery Acquisition of Asset 5 Equipment 2600 Common Stock 1900 Paid-in Capital in Excess of Par - Common Sto 700 (To record acquisition of Office Equipment) Buildings