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Swan River Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel, measured at net fair values, consisted of: Balance of Accounts: Plant 50,000 Land 80,000 Vehicles 40,000 Accounts receivable 10,000 Accounts payable (16,000) Total 164,000
Required:
Question 1: Prepare journal entries to record the acquisition by Swan River Ltd, assuming that:
a) The cost of acquisition was $200,000 cash.
b) The cost of acquisition was $144,000 cash.
During 2012, stacker enterprises earned $55, 00 from services provided and incurred $15,000 of expenses. At the end of the year, stacker had received cash for $35,750 of the revenues and had paid $11,600 of the expenses. Also during 2012, stacker rec..
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