3.2) On 30 June 2017. Duluth Ltd. acquired all the assets and liabilities of Cargill Ltd. At the date of acquisition, the statement of financial position of Cargill Ltd was as follows: Assets Carrying Amount Accounts Receivable $70 000 Inventory $80 000 Land $400 000 Plant Property and Equip (PPE) $430 000 Liabilities Loan $100 000 Additional information: The fair value of all assets and liabilities were the same as the carrying amount except for Land and Inventory which had a fair value of $500 000 and $100 000 respectively. Cargill Ltd. is currently being sued by a previous customer. The expected damage is $40.000, it is estimated that there is a 50% chance that Cargill losses the case Details of the consideration transferred by Duluth Ltd, are as follows: Cash of $700.000 and 150.000 shares in Duluth Ltd, were issued. The shore price on 30 June 2017 was SA per share . Cost of issuing the shares was $1,000 Legal fees and associated costs with the acquisition totalled $9,000, Required: (a) Calculate the goodwill or bargain from the purchase transaction (you must show all workings). (5 marks) (b) Prepare the necessary journal entries for business combination on the acquisition date (narrations are required). (7 marks)