TeaTreeBayLtdacquiresaGizmoMachinefromJetsonsLtdforthefollowingconsideration:Cash$20,000LandIn the books of Tea Tree Bay Ltd the land is recorded at its cost of $100,000. It has a fair value of $140,000.Equipment: In the books of Tea Tree Bay Ltd the equipment is recorded at a cost of $50,000. The equipment has an accumulated depreciation balance of $20,000. The fair value of the equipment is $23,000Assumption of liabilityTea Tree Bay Ltd also agrees to assume the liability of Jetsons Ltd's bank loan of $30,000 as part of the Gizmo Machine acquisition.Other associated costsTea Tree Bay Ltd also spend $5,000 as the installation cost. Testing cost was $2,500. Transportation cost for the machine was $700.During first year of operation, the company paid $650 as the maintenance cost for the machine.Required:a)CalculatetheacquisitioncostoftheGizmoMachinethatwillbeusedasthebaseforfuturedepreciationcharge.(3marks)b)ProvidethejournalentriesthatwouldappearinTeaTreeBayLtd'sbookstoaccountfortheacquisitionoftheGizmoMachine.(5marks)c)Willthemaintenancecostbeincludedintheacquisitioncostofthemachine?Justifyyouranswer.(2marks)