Hi, I need help answering these questions. The file is attached below.

ACCT 20002 INTERMEDIATE FINANCIAL ACCOUNTING -TUTORIAL IN-CLASS EXERCISES TOPIC: ACCOUNTING FOR PPE: RECOGNITION & MEASUREMENT, ACQUISITIONS (INCLUDING BUSINESS COMBINATIONS Question One On 1 July 2016, Peewee Ltd acquired two assets within the same class of plant and equipment. Information on these assets is as follows. Machine A Machine B Cost $100 000 60 000 Expected useful life 5 years 3 years The machines are expected to generate benefits evenly over their useful lives. The class of plant and equipment is measured using fair value. At 30 June 2017, information about the assets is as follows. Machine A Machine B Fair value $84 000 38 000 Expected useful life 4 years 2 years On 1 January 2018, Machine B was sold for $29 000 cash. On the same day, Peewee Ltd acquired Machine C for $80 000 cash. Machine C has an expected useful life of 4 years. At 30 June 2018, information on the machines is as follows. Machine A Machine C Fair value $61 000 68 500 Expected useful life 3 years 3.5 years Required 1. Prepare the journal entries in the records of Peewee Ltd to record the events for the year ended 30 June 2017. 2. Prepare journal entries to record the events for the year ended 30 June 2018. Question Two On 1 July 2010, Flinders Ltd acquired the following assets and liabilities that, together, constituted a business, from Spencer Ltd: Carrying amount Cash Fair value $15 000 $15 000 Receivables 25 000 22 000 Inventory 80 000 85 000 Land 300 000 350 000 Plant (cost $400 000) 290 000 280 000 Accounts payable (20 000) (20 000) Loans (80 000) (80 000) In exchange for these assets and liabilities, Flinders Ltd issued 100 000 shares that had been issued for $1.20 per share but at 1 July 2010 had a fair value of $7 per share. Required (a) Prepare the journal entries in the records of Flinders Ltd to account for the acquisition of the assets and liabilities of Spencer Ltd. (b) Prepare the journal entries assuming the fair value of the shares was $7 but now ASSUME the combined assets and liabilities were not considered to be a business