Tampines Limited acquired a bundle of assets for a cash consideration of $200,000. The fair...
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Tampines Limited acquired a bundle of assets for a cash consideration of $200,000. The fair values of the assets on date of acquisition was as follows. Building $132,000, Furniture $88,000. The appropriate journal entry to record this acquisition is Select one: a. DEBIT Property, plant and equipment $200,000, CREDIT Cash $200,000 b. DEBIT Property, plant and equipment $220,000, CREDIT Cash $220,000 c. DEBIT Building $132,000, DEBIT Furniture $88,000, CREDIT Cash $220,000 d. DEBIT Building $120,000, DEBIT Furniture $80,000, CREDIT Cash $200,000
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