Lump-sum acquisition Baxter Ltd acquired a parcel of land, buildings and machinery on 10 July for a cash price of $2 400 000. Fair values of the assets on the acquisition date were appraised as follows. Land Building Machinery $1 400 000 800 000 150 000 $2 350 000 The acquisition was not considered to be a business combination. Required (a) Calculate the amount of cost that should be assigned to each of the assets and prepare a journal entry to record the acquisition. Ignore GST. Lump-sum acquisition Baxter Ltd acquired a parcel of land, buildings and machinery on 10 July for a cash price of $2 400 000. Fair values of the assets on the acquisition date were appraised as follows. Land Building Machinery $1 400 000 800 000 150 000 $2 350 000 The acquisition was not considered to be a business combination. Required (a) Calculate the amount of cost that should be assigned to each of the assets and prepare a journal entry to record the acquisition. Ignore GST