Task $1\mathrm{.}1$: Georgian Auto Body bought a shop from an existing business on June $15$ with cash. The purchase includes the land, building and all of the equipment inside. The total price of the purchase was

$$1500000.$ The fair market value for the land was $$800000.$ The fair market value for the equipment was $$400000.$ The fair market value for the building was $$600000.$

Calculate the cost allocation for this basket purchase based on the fair market values given.

Record the journal entry for this purchase.

Journal $-$ Page $30$

Date

$20--$

Accounts and Explanation

$\backslash$table$[[$PR$,$Debit,Credit,Asset,$\backslash$table$[[$Fair Market$],[$Value$]],\backslash$table$[[\%$ Of Market$],[$Value$]],\backslash$table$[[$Cost$],[$Allocation$]]],[,,],[,,,,,,],[,,,,,,],[,,,$Total,,,$],[,,,,,,],[,,,,,,],[,,,\backslash$table$[[$Use the following chart of accounts to complete ALL tasks.$],[$Some of these accounts may only be applicable in one task.$]]],[,,,,,,],[,,,$Chart of Accounts$],[,,],[,,,$Cash$],[,,,$Land$],[,,,$Equipment$],[,,,$Equipment $-$ Cement Cutter$],[,,,$Building$],[,,,$Truck$],[,,,$Accounts Payable$],[,,,$Loss on Disposal of Truck$],[,,,$Loss on Disposal of Cement Cutter$]]$

Task $1\mathrm{.}2$: On September $12,$ Olympia Construction trades a truck with the historical cost of $$24000$ and a fair market value of $$18000$ for a cement cutter. The cement cutter belonged to Chi Brothers Construction and had a historical cost of $$22000$ and a fair market value of $$18000.$

Record the transaction for Olympia Construction.

Record the transaction for Chi Brothers Construction.

$\backslash$table$[[$Journal$,$Page $30,,,,,,],[\backslash$table$[[$Date$],[20--]],$Accounts and Explanation,PR$,$Debit,Credit,,,$]]$

$\backslash$table$[[\backslash$table$[[$Marks Breakdown$],[$Task $1\mathrm{.}1-$ Journal Transactions Done Correctly $(2$ Marks Each$)]],,$Mark,out of$],[,,\frac{?}{2}$