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 $805,000 on 30 June 2020. The statements of financial position of both the entities immediately following the acquisition are:

	Parent Company $	Subsidiary Company $
Current Assets
Cash	105,000	35,000
Accounts receivable	145,000	125,000
Inventory	75,000	15,000
Non-current assets
Furniture	90,000	50,000
Plant and equipment	480,000	325,000
Buildings	245,000	150,000
Investment in Subsidiary Company	805,000
Goodwill
	1,945,000	700,000
Current Liabilities
Accounts payable	190,000	85,000
Non-current liabilities
Loans	415,000	215,000
Shareholders' Equity
Share capital	975,000	250,000
Retained earnings	365,000	150,000
	1,945,000	700,000

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.