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E63 ABC Designs, Inc purchased equipment with a list price of $60,000 on June 1, 20X9. ABC Designs, Inc. qualified for a 3% discount off the list price. ABC Designs, Inc. paid $28,200 down to the seller and signed a 3 month note payable at a 4% annual rate due to the vendor, with interest of $100 due to the vendor at the end of each of the next three months and the note principal of $30,000 due on September 1, 20X9. In addition, the ABC Designs, Inc. paid the following costs in cash: sales tax on the equipment purchase of $3,492, equipment delivery costs of $308, and installation labor and material costs of $2,000. When the equipment was delivered, it fell off the delivery truck and cost the ABC Designs, Inc. an added $400 for repairs. a) At what total cost will the equipment be recorded? b) Prepare the entry on June 1, 20X9, to record the purchase. E6.4 Mechanical Engineers, Inc. purchased a parcel of land to be used as a parking lot for $260,000 and also made the following payments: $2,100 for accrued taxes at the time of the purchase. $10,900 for grading and clearing of the land. $1,000 for legal fees. $8,000 for real estate and settlement fees. $50,000 for removal of an old building from the land. $75,000 for construction of driveways and a parking lot. Before the old building was demolished, Mechanical Engineers, Inc. removed and sold copper pipe and antique stairwells and fixtures from the old building for $10,000. Based on this information, at what amount should Mechanical Engineers, Inc. record the land acquisition in the land account? E6.5 On January 15, 20X7, Davis Fashions Co. paid $1,000,000 $400,000 down payment and a note payable for the balance) to acquire the following assets from a competitor that was going out of business: Fair Market Value @ Purchase Date Land $110,000 Building 600,000 Equipment 260,000 Inventory .80,000 Prepare the journal entry to record the purchase of these assets