6 Homework: E10.6, E1017, E1019 Question 1 of3 -/33.33 E Plant acquisitions for selected companies are as follows. 1. Tamarisk Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co, for a lump-sum price of $798,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $228,000 $171,000 Buildings 285,000 399,000 Equipment 342,000 342,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 171,000 Buildings 285,000 Equipment 342,000 Cash 798,000 2. Vaughn Enterprises purchased store equipment by making a $2,280 cash down payment and signing a 1-year, $26,220, 10% note payable The purchase was recorded as follows. Equipment 31,122 6 Homework: E106, E1017, E1019 Question 1 of3 -/ 33.33 E Cash 2,280 Notes Payable 26,220 Interest Payable 2,622 3. Bramble Company purchased ofce equipment for $21,500, terms 2/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was: Equipment 21,500 Cash 21,070 Purchase Discounts 430 4. Sunland Inc. recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is $30,780. The company made no entry to record the land because it had no cost basis. 5. Coronado Company built a warehouse for $684,000. It could have purchased the building for $843,600. The controller made the following entry. Buildings 843,600 Cash 684,000 Prot on Construction 159,600 Prepare the entry that should have been made at the date of each acquisition. (Round intermediate calculations to 5 decimal Homework: E10.6, 10.17, 10.19 Question 1 of3 -/ 33.33 E palces, e.g. 0.56487 and nal answers to 0 decimal places, e.g. 5,275. 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.) No. Account Titles and Explanation Debit Credit 1. \f