Question 3 (7 marks) (a) What is a business combination' and which Australian accounting standard deals with this topic? (2 marks) (b) Does any goodwill or bargain purchase need to be reported on acquisition? If so, where is the goodwill / bargain purchase amount reported? (2 marks) (c) Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty Ltd. The parcel, measured at net fair values, consisted of: Balance of Accounts: Plant 250,000 = Land 340,000 Vehicles 320,000 Accounts receivable 130,000 Accounts payable (148,000) Total 892,000 Required: Prepare journal entries to record the acquisition by Parma Ltd, if the cost of acquisition was $1,100,000 cash