(b) Jamuna 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 150,000

Land 240,000

Vehicles 120,000

Accounts receivable 30,000

Accounts payable (48000)

Total 492000

Required:

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

(i) The cost of acquisition was $600,000 cash.

(ii) The cost of acquisition was $432,000 cash