Question 7 Information for Pharoah Ltd. follows: 1. On July 6, Pharoah acquired the plant assets of Desbury Company, which had discontinued operations. The property was appraised as follows: Land Building-structure Building-HVAC Machinery Total $ 585,000 2,710,000 178,000 727,000 $ 4,200,000 Pharoah gave 24,000 of its common shares in exchange. The most recent sale of Pharoah's common shares took place last month, 2. Pharoah had the following cash expenses between July 6 and December 15, the date when it first occupied the building: Renovations and refurbishments of building Construction of bases for machinery to be installed later Driveways and parking lots Remodelling of office space in building, including new partitions and walls Special assessment by city on land $ 103,000 134,000 128,000 66,100 24,900 On December 20, Pharoah purchased machinery for $260,000, subject to a 4% cash discount, and paid freight on the machinery of $ position, which resulted in paying the supplier for repairs costing $21,700. The company paid the supplier on the day that the machir net of any discount. (a) Prepare the entries for these transactions on the books of Pharoah Ltd. Pharoah prepares financial statements in accordance with IFRS. (C the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter of No. Account Titles and Explanation Debit Credit + + (a) Prepare the entries for these transactions on the books of Pharoah Ltd. Pharoah prepares financia the amount is entered. Do not indent manually. If no entry is required, select "No Entry No. Account Titles and Explanation Debit Credit 1. 2. 4 1 (To record purchase of property) 2. 4 4 (To record purchase of machinery)