Hoffman Limited Acquired a Bundle of Assets for a Cash

Hoffman Limited acquired a bundle of assets for a cash consideration of $400 000. The fair values of the assets on date of acquisition were as follows: machinery $264 000, motor vehicles $176 000. Which of the following is the appropriate journal entry to record this acquisition?

A) $\begin{array}{llcc} \text { DR } &\text { Property, plant and equipment }& \$ 400000 \\ \text { CR } & \text { Cash} && \$ 400000\\\end{array}$

B) $\begin{array}{llcc} \text { DR } &\text { Property, plant and equipment }& \$ 220000 \\ \text { CR } & \text { Cash} && \$ 220000\\\end{array}$

C) $\begin{array}{llcc} \text { DR } &\text { Machinery }& \$ 240000 \\ \text { DR } &\text { Motor vehicles}&\$160000\\ \text { CR } & \text { Cash} &&\$400000\\\end{array}$

D) $\begin{array}{llcc} \text { DR } &\text { Machinery }& \$ 264000 \\ \text { DR } &\text { Motor vehicles}&\$176000\\ \text { CR } & \text { Cash} &&\$440000\\\end{array}$