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Problem - On 3 March 2014, Macy Ltd acquired a parcel of assets and liabilities from Jenkins Ltd. The assets and liabilities do not constitute a business. The cost of acquisition was $190,000 cash, plus 50,000 fully paid ordinary shares in Macy Ltd, which were trading at $1.20 each on 3 March 2014.
The following balances refer to the acquired assets and liabilities (from Jenkins Ltd) on 3 March 2014:
Item
Cost ($)
Carrying amount ($)
Fair value ($)
Accounts receivable
90,000
50,000
30,000
Accounts payable
15,000
Vehicles
200,000
175,000
180,000
Equipment
80,000
70,000
81,000
REQUIRED - Prepare journal entries in the records of Macy Ltd to account for the above acquisition.
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