16. settled by the issue Foreshore Ltd was incorporated on 1 July 2019, to acquire the business of sh. Trading as a going concern, the purchase consideration being settled by the of 102,000 $1.00 ordinary shares in Foreshore Ltd fully paid. The ordinary of Foreshore Ltd have a fair value of $1.00. The Statement of Financial Positi Sharpe Trading at the date of acquisition was as follows: Sharpe Trading - Statement of Financial Position as at 1 July 2019 $ $ Accounts Receivable 8,000 Bank overdraft Less Allowance for 500 7,500 Accounts Payable Doubtful debts Mortgage on Freehold Inventory 10,500 Owner's Equity Freehold Premises 50,000 Plant & Machinery 50,000 Less Accumulated Depreciation 10,000 40,000 Patents 15,000 123,000 Foreshore Ltd assesses the fair value of assets acquired to be: Freehold Premises Plant and Machinery $90,000 $30,000 $7,400 $8,600 $7,000 Patents Inventory Accounts Receivable All liabilities of Sharpe Trading were accepted at book value by Foreshore Ltd. Required: Prepare General Journal entries in the books of Foreshore Ltd to record (1) The acquisition of the net assets of Sharpe Trading by Foreshore Ltd. (1) The Payment of the purchase consideration to Sharpe Trading by Foreshore by Foreshore Led Journal entries must comply with the requirements of Accounting Standards