Current Attempt in Progress Plant acquisitions for selected companies are as follows. 1. Concord 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