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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:
Plant | 50,000 |
Land | 80,000 |
Vehicles | 40,000 |
Accounts receivable | 10,000 |
Accounts payable | (16,000) |
Total | 164,000 |
Required:
Prepare journal entries to record the acquisition by Swan River Ltd, assuming that:
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