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Instructions Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be reconded. E10-6 (Correction of Improper Cost Entries) Plant acquisitions for selected companies are as follows. 1. Belanna Industries Inc, acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. ster 10 Acquisition and Disposition of Property, Plant, and Equipment 2. Harry Enterprises purchased store equipment by making a $2,000 cash down payment and signing a 1-year, $23,000,10% note payable. The purchase was recorded as follows. 3. Kim Company purchased office equipment for $20,000, 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: 4. Kaisson 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 $27,000. The company made no entry to record the land because it had no cost basis. 5. Zimmerman Company built a warehouse for $600,000. It could have purchased the building for $740,000. The controller made the following entry. Instructions Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be reconded. E10-6 (Correction of Improper Cost Entries) Plant acquisitions for selected companies are as follows. 1. Belanna Industries Inc, acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. ster 10 Acquisition and Disposition of Property, Plant, and Equipment 2. Harry Enterprises purchased store equipment by making a $2,000 cash down payment and signing a 1-year, $23,000,10% note payable. The purchase was recorded as follows. 3. Kim Company purchased office equipment for $20,000, 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: 4. Kaisson 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 $27,000. The company made no entry to record the land because it had no cost basis. 5. Zimmerman Company built a warehouse for $600,000. It could have purchased the building for $740,000. The controller made the following entry