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Hayes Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $580,000 cash. The following information was gathered Initial Cost on Seller's Books $580,000 348,000 Book Value on Date on Seller's BooksSeller's Books $290,000 290,000 Depreciation to Appraised Value Description Machinery Equipment $290,000 58,000 $522,000 174,000 Asset 3: This machine was acquired by making a $58,000 down payment and issuing a $174,000, 2-year, zero-interest-bearing note. The note is to be paid off in two $87,000 installments made at the end of the first and second years. It was estimated that the asset could have been purchased outright for $208,220. Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.) Facts concerning the trade-in are as follows. Cost of machinery traded Accumulated depreciation to date of sale Fair value of machinery traded Cash received Fair value of machinery acquired $580,000 232,000 464,000 58,000 406,000 Asset 5 Office equipment was acquired by issuing 100 shares of $46 par value common stock. The stock had a market price of $64 per share Construction of Building: A building was constructed on land purchased last year at a cost of $870,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date Payment $696,000 2,088,000 2,784,000 580,000