11. Renouf Ltd had been formed for the express purpose of purchasing the manufacturing business of Perry Tyson, trading as Ace Manufacturing. The trial balance of Ace Manufacturing as at 30 June disclosed the following information: Bank $ 24,000 Inventory 166,000 Accounts Receivable 98,000 Allowance for Doubtful Debts $ 5,000 Factory Building 250,000 Plant and Equipment 195,000 Accumulated Depreciation - Plant and Equipment 88,000 Fixtures and Fittings 87,000 Accumulated Depreciation - Fixtures & Fittings 40,000 Office Equipment 48,000 28,000 Accumulated Depreciation - Office Equipment Accounts Payable 27,000 120,000 Mortgage Loan Capital - B. Wilson 560,000 868,000 868,000 All the assets and liabilities were to be taken over at book value with the exception of the factory building and accounts receivable. These assets were assigned fair values of $300,000 and $89,000 respectively. The purchase consideration was settled at $620,000, comprising $120,000 cash and 500,000 fully paid $1.00 ordinary shares in Renouf Ltd. Required: Prepare general journal entries to record the acquisition of Ace Manufacturing by Renouf Ltd and the payment of the purchase consideration