PARTA Your client is one of Australia's major steel and metal fabricators. To increase production and, therefore sales, it decided to acquire a new fabrication plant. The purchase was completed on the 1st May 20X3. The following are a range of costs (in no particular order) which have been incurred in relation to the acquisition of the new fabrication plant:- $185,000 $23,770 le $87,500 The new fabrication plant required an increase to existing security systems. This is the cost of that increase. An internal project team was established to look at the various new fabrication plant options. This is the amount of the costed time of the staff involved. The new fabrication plant has inbuilt complex software which allows it to operate at maximum and efficient levels. This software system needs to interface with existing software and computer systems in the company. As a result the existing software needed a major upgrade and this is the cost of that upgrade. The new fabrication plant requires expert installation and commissioning. This is the cost of that process. The new fabrication plant significantly increases production and it follows that sales must increase. This is the cost of a contract for a major marketing campaign, TV and online, for the next 12 months. A new facility was built where the new fabrication plant will be located. This is the cost of that facility." $124,500 $54,000 $1,450,000 Purchase cost of the base (ie un-optioned) new fabrication plant. $2,350,000 Additional staff were employed to operate the new fabrication plant. $22,400 These are the costs incurred in training the new staff. Additional options were also purchased. These options attach to the new fabrication plant and allow it to manage a wider range of metals. This is the $543,700 cost of the options. The new fabrication plant is manufactured in Poland and import taxes are $254,200 required to be paid. This is the amount of the import taxes.- The company took advantage of a 6 month maintenance contract for the $18,500 new fabrication plant and this is its cost. The new fabrication plant was acquired under special Government provisions and is exempt from GST of 10%. The new fabrication plant will significantly increase production. New contracts for the supply of raw materials (eg steel and metals) were $9,500 required to be signed. This is the cost of the lawyers to negotiate and manage those contracts. All the above costs were paid from cash in the bank and for convenience assume they were made on the same day of completion. Required Complete the following general journal that recognises only the acquisition of the new fabrication plant. Narration is not required. 8 marks Date DR CR- H T. T. 1. HE E E E E E E E- E E E T. H. E E E E E- E E E- E E E- E- E E E- E- E E- E T. | T. H. E- E E E E E E H. & 4