A Co acquired a controlling interest in B Co and entered into the following transactions on acquisition date 1 July 20x3

Cash payment to owners of B Co$4,000,000

Loan payable to banks to finance the acquisition$3,200,000

Fair value of shares issued to owners of B Co$5,000,000

Book value of shares issued to owners of B Co$4,000,000

Cost of Issuing equity$40,000

Deferred consideration, payable at the end of 5 years$8,000,000

Present value of deferred consideration at an interest of 5%pa$6,268,209

Required:

Prepare the journal entries that A Co would record to reflect the above transactions on 1 July 20X3. Unamortized discount or premium, where applicable should be shown separately