Prepare the entry that should have been made at the date of each acquisition. (Round intermediate calculations to 5 decimal palces, e.g. 0.56487 and final 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 O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. Plant acquisitions for selected companies are as follows. 1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $882,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $189,000 $252,000 315,000 Buildings Equipment 441,000 378,000 378,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 189,000 315,000 Buildings Equipment Cash 378,000 882,000 2. Metlock Enterprises purchased store equipment by making a $2,520 cash down payment and signing a 1-year, $28,980, 10% note payable. The purchase was recorded as follows. 34,398 2,520 Equipment Cash Notes Payable Interest Payable 28,980 2,898 3. Bonita Company purchased office equipment for $19,400, 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: 19,400 Equipment Cash 19,012 Purchase Discounts 388 4. Windsor 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 $34,020. The company made no entry to record the land because it had no cost basis. 5. Sheridan Company built a warehouse for $756,000. It could have purchased the building for $932,400. The controller made the following entry. 932,400 Buildings Cash 756,000 Profit on Construction 176,400