Assume that you are a financial accountant of a large company which, as a parent entity, acquired all of the issued capital of a subsidiary for a cash payment of $750,000 on 30 June 2020. The statements of financial position of both the entities immediately following the acquisition are:

		Parent Ltd		Subsidiary Ltd
Current assets
Cash		110,000	55,000
Accounts receivable		250,000	155,000
Non-current assets
Plant		800,000	550,000
Land		250,000	150,000
Investment in Subsidiary Ltd		7,500,000
		1,960,000	910,000
Current liabilities
Accounts payable		90,000	80,000
Non-current liabilities
Loans		450,000	230,000
Shareholders equity
Share capital		1,100,000	250,000
Retained earnings		250,000	350,000
		1,960,000	910,000

REQUIRED

Provide the required journal entries to recognize the Goodwill to be recorded while preparing the consolidated financial statements for the group as at 30 June 2020. You need to calculate the good at acquisition prior to journalize.