20. Big Ltd acquired all the assets and liabilities of Small Ltd on 1 July 2019. At this date, the assets and liabilities of Rod Ltd consisted of the following:

	Carrying Amount ($)	Fair Value($)
Assets
Cash	250,000	600,000
Accounts receivable	450,000	500,000
Land	200,000	300,000
Vehicle	100,000	200,000
Accumulated depreciation -Vehicle	(20,000)
Liabilities
Accounts payable	150,000	150,000
Loans	200,000	200,000
Equity
Share Capital @$6 per share	600,000
Reserves	30,000

In exchange for these assets and liabilities, Big Ltd agreed to

1- Issue 2 Big Ltd shares for every Small Ltd Share Big Ltd shares were considered to have a fair value of $3 per share; costs of issue were $1,500

2- Transfer a piece of Land to the former shareholders of Small Ltd the Land was carried in the records of Big Ltd at $200,000 but was considered to have a fair value of $500,000.

3- Pay $3 per share in cash to each of the former shareholders of Small Ltd. Big Ltd incurred $5000 in costs associated with the acquisition of these net assets.

Required:

1. As per the Acquisition Analysis prepared on 01/07/2019, the Goodwill or gain on bargain purchase would be:
2. The Journal entry to record value difference in Land (Ignore Income tax effect)
3. The Journal entry to record costs associated with the acquisition of these net assets
4. The Journal entry to record costs of share issue
5. The Journal entry to record Goodwill or gain on bargain purchase