12. Details of Willis Ltd.'s assets and liabilities acquired by Bruce Ltd are as follows: Details Book Value Fair Value Plant & equipment 360,000 367,000 Land 260,000 257,000 Inventory 24,000 30,000 Accounts receivable 18,000 16,000 Accounts payable (35,000) (35,000) Bank overdraft (55,000) (55,000) Buildings 1,200,000 1,250,000 Willis Ltd is currently being sued by a previous customer. The expected damages is $50,000. Lawyers estimate that there is a 20% chance of losing the case. Bruce Ltd issued 678,400 shares having a fair value of $2.50 per share in exchange for the net assets of Wills Ltd. Required: Prepare the acquisition analysis in Bruce Ltd to record the acquisition of the shares of Willis Ltd at 1 April 2016