Wildhorse Industries purchased the following assets and constructed a building as well. All this was done during the current year. Asset $5$: Equipment was acquired by issuing $100$ shares of $$22$ par value common stock. The stock had a market price of $$31$ per share.

Construction of Building: A building was constructed on land purchased last year at a cost of $$420,000.$ 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 $$1,680,000,12\%$ construction loan was taken out on February $1.$ The loan was repaid on

November $1.$ The firm had $$560,000$ of other outstanding debt during the year at a borrowing rate of $8\%.$

Record the acquisition of each of these assets. $($Do not round intermediate calculations and final answers 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 $0$ for the amounts. List all debit entries before credit entries.$)$ Account Titles and Explanation

Debit

Credit

Acquisition of Assets $1$ and $2$

Acquisition of Asset $3$ Acquisition of Asset $4$Acquisition of Asset $5$

$($To record acquisition of Office Equipment$)$

$($To record construction of Building$)$

Assets $1$ and $2$: These assets were purchased as a lump sum for $$280,000$ cash. The following information was gathered.

Asset $3$: This machine was acquired by making a $$28,000$ down payment and issuing a $$84,000,2-$year, zero$-$interest$-$bearing note. The

note is to be paid off in two $$42,000$ installments made at the end of the first and second years. It was estimated that the asset could

have been purchased outright for $$100,520.$

Asset $4$: This machinery was acquired by trading in used machinery. $($The exchange lacks commercial substance.$)$ Facts concerning the

trade$-$in are as follows.