Plant acquisitions for selected companies are as follows. 1. Cullumber Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $714,000. At the time of purchase, Torres's assets had the following book and appraisal values. Book Values Appraisal Values Land $204,000 $153,000 Buildings 255,000 357,000 Equipment 306,000 306,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 153,000 Buildings 255,000 Equipment 306,000 Cash 714,000
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