Question: Widget Ltd acquired a widget machine from Peppermint Ltd. The consideration was cash of $30,000 and a parcel of land which had a fair value

Widget Ltd acquired a widget machine from Peppermint Ltd. The consideration was cash of $30,000 and a parcel of land which had a fair value of $140,000 but was recorded in the books of Peppermint Ltd at its cost of $100,00. In addition to this Widget Ltd agreed to assume the liability of Peppermint Ltd a bank loan of $30,000 in total consideration for the widget machine. Calculate the acquisition cost of the widget machine

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