Green Leaves Golf Ltd acquired a parcel of land, buildings and ground maintenance equipment on 1 August
Question:
Green Leaves Golf Ltd acquired a parcel of land, buildings and ground maintenance equipment on 1 August for a cash price of $3 600 000. Fair values of the assets on the acquisition date were appraised as follows.
The acquisition was not considered to be a business combination.
Required
(a) Calculate the amount of cost that should be assigned to each of the assets and prepare a journal entry to record the acquisition. Ignore GST.
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Related Book For 
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
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