11. To add to growing chain of grocery stores, on January 1, 2016, Danny Marks bought grocery store, of a small competitor for Rs. 90, 000. An appraiser was hired to assess the value of the assets acquired and determined that the land had market value of Rs. 40,000, the building, a market value of Rs. 30,000 and the equipment a market value of Rs. 50,000. Required: a) What is the acquisition cost of each asset? Prepare the journal entry to record the acquisition of the assets. b) Determine the annual depreciation under straight line method if estimated life of assets are 20 years. Prepare the journal entry. c) How would the assets appear on the balance sheet on 31 December 2016? d) Make journal entry if 31 Dec 2016 the building sold at Rs. 29,000