to arch Plant acquisitions for selected companies re as follows 1. Flint Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co. for a lump-sum price of $85000 At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $244,000 $183.000 Buildings 305.000 427,000 Equipment 366,000 366,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 183,000 Buildings 305.000 Equipment 366,000 Cash 854,000 2. Buffalo Enterprises purchased store equipment by making a $2.440 cash down payment and signing a 1-year. $28.060, 10% note payable. The purchase was recorded as follows 4/ Cloudy