What be journal entry to record acquisition for abc corp

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Reference no: EM132817539

On October 1, 2020, ABC Corporation purchased land and building at a basket price of P 30,000,000. A check was issued upon receipt of the land title. At the time of acquisition, the relative fair values of land and building are P 12,000,000 and 24,000,000, respectively.

Question 1: What would be the journal entry to record the acquisition?

Reference no: EM132817539

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