HA2032 Corporate And Financial Accounting - Assignment 1

Week 5 Question (10 marks)

Swan 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:

Required:
Prepare journal entries to record the acquisition by Swan River Ltd, assuming that:

1. The cost of acquisition was $200,000 cash. (4 marks)
2. The cost of acquisition was $144,000 cash. (6 marks)

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