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MAP Ltd acquired a Machine from FAT Ltd for the following consideration:
Cash $65 000,
Land in the books of MAP Ltd the land is recorded at its cost of $750 000.
It has a fair value of $700 000. MAP Ltd also agrees to assume the liability of the FAT Ltd bank loan of $95 000 as part of the Machine acquisition.
Required:
Problem (a) Calculate the acquisition cost of the Machine.
Problem (b) Provide the journal entries that would appear in MAP Ltd.'s books to account for the acquisition of the Machine
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