Complex direct acquisition of assets for cash On 30 July 20X3, Skase Ltd acquired a parcel of assets for cash from Ackland and Associates Pty Ltd for $8000 cash

Complex direct acquisition of assets for cash On 30 July 20X3, Skase Ltd acquired a parcel of assets for cash from Ackland and Associates Pty Ltd for $8000 cash. After the acquisition the vendor continued to operate. Recorded by ACKLAND AND ASSOCIATES PTY LTD Cost Item Accumulated depreciation Carrying amount Fair value $ $ $ $ Land 35000 35000 40000 Buildings 50000 20000 30 000 40000 Equipment 10000 5000 5000 4000 95000 25000 70000 84000 Required: (a) Prepare journal entries to record the acquisition of assets and liabilities by Skase Ltd: (i) assuming the acquisition of a business; and (ii) assuming that the acquisition is not a business.