7.1 9 Points On 1 June 2021, Organic Ltd signed a contract with Biodome Ltd to acquire a group of assets and liabilities that Organic believes meet the definition of a business. Settlement took place on 1 June 2021. The purchase consideration included: 100 000 shares in Organic with a market value of $4.50 at the date of the transaction. a vacant land of Organic Ltd with carrying amount of $480 000. The fair value of the vacant land was $520 000 at the date of the transaction. Organic Ltd incurred $1 100 consulting and legal fees in relation to the transaction and $1 000 fees in relation to the issuance of shares. The consulting and legal fees remained unpaid on 1 June 2021. The assets acquired and liabilities assumed at acquisition date were as follows: Carrying amount S Fair value S Assets Inventory 210 000 170 000 Capitalised software nil 90'000 Plant & Equipment (net) 500 000 450 000 Land & Buildings (net) 400 000 530 000 Liabilities Loan 200 000 200 000 Required: Prepare the journal entries for Organic Ltd on 1 June 2021 to record the transaction in accordance with AASB 3 Business Combinations. Please upload your answer in PDF: Please select file(s) Select file(s) Q7.2 2 Points Thomas Ltd and Jackson Ltd own 80% and 20% respectively of the ordinary shares that carry voting rights at a general meeting of shareholders of Stanmar Ltd. Thomas Ltd sells half of its interest to Benson Ltd and buys call options from Benson Ltd that are exercisable at any time at a premium to the market price when issued and, if exercised, would give Thomas Ltd its original 80% ownership interest and voting rights. At the end of the current financial period, the options are in the money. Required: Discuss whether Thomas Ltd is the parent of Stanmar Ltd. Enter your answer here Q8 Consolidation 21 Points