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Jamuna River Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel, measured at net fair values, consisted of:
Balance of Accounts:
Plant 150,000
Land 240,000
Vehicles 120,000
Accounts receivable 30,000
Accounts payable (48000)
Total 492000
Required:
Problem 1: Prepare journal entries to record the acquisition by Jamuna River Ltd, assuming that:
(i) The cost of acquisition was $600,000 cash.
(ii) The cost of acquisition was $432,000 cash
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Depreciation is computed on additions from the beginning of the month following acquisition
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