Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty Ltd. The parcel, measured at net fair values, consisted of: Balance of Accounts: Plant Land Vehicles Accounts receivable Accounts payable Total 130,000 (148,000) 320,000 250,000 340,000 892,000 Required: Prepare journal entries to record the acquisition by Parma Ltd, if the cost of acquisition was $1,100,000 cash.