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8) Elf Booties Ltd. (EBL) manufacturers very small footwear. EBL made a lump sum purchase of plant, equipment and land for cash of $320,000. The

8) Elf Booties Ltd. (EBL) manufacturers very small footwear. EBL made a lump sum purchase of plant, equipment and land for cash of $320,000. The tax assessments for the past year show the following: Land, $45,000; Plant, $117,000; and Equipment, $18,000. Required (7 marks): Prepare the journal entry to record the acquisition, 5

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