Problem 6.15 (Basic acquisition) A property is acquired by LAZ Ltd for a cash consideration of $277 000. Part of this consideration includes the amount of $2500 for council rates. It is estimated that the land on which the building is situated and furniture and fittings included with the property have fair values of $130 000 and $14 500 respectively. Required Prepare the journal entry to record the acquisition of the property by LAZ Ltd.