On 1 July 2025, Foster Ltd acquired the assets and liabilities of Jenkins Ltd. The assets and liabilities of Jenkins Ltd consisted of the following.

In exchange for the business of Jenkins Ltd, Foster Ltd provided the following to Jenkins Ltd:
• 400 000 shares in Foster Ltd, these having a fair value of \($2.00\) per share • cash of \($360\) 000.
The acquisition went ahead as planned. The plant acquired was considered by Foster Ltd to have a further 10-year life with benefits being received evenly over that period; the furniture had an expected life of 5 years.
During the first year after the acquisition, the management of Foster Ltd decided to measure, at 30 June 2026, the plant at fair value (both plant assets being in the same class) and the furniture at cost.
At 30 June 2026, Foster Ltd assessed the fair values of its assets.
• Plant A was valued at \($552\) 000, with an expected remaining useful life of 8 years.
• Plant B was valued at \($320\) 000, with an expected remaining useful life of 8 years.
At 30 June 2026, the furniture’s recoverable amount was assessed to be \($70\) 000, with an expected useful life of 4 years.
Required

(a) Prepare the journal entries in the records of Foster Ltd for the year ending 30 June 2026.

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Plant A (cost $840000) Plant B (cost $680 000) Furniture (cost $160000) Land Liabilities Carrying amount $ 620000 362 000 120000 200 000 (300 000) Fair value $ 600000 350 000 100 000 260 000 (300 000)