Blue Ray Bhd. acquired all the assets and liabilities of Sharp Bhd. on 1 July 2021. Given below are the statements of financial position of Blue Ray and Sharp Bhd. as at 1 July 2021: Blue Ray Sharp (RM'000) (RM'000) Non-Current Tangible Assets 400,000 230,000 Goodwill 50,000 Shares in Sharp (30,000) 40,000 490,000 230,000 Current Asset 56,000 36,000 Total Assets 546,000 266,000 Current Liabilities (40,000) (20,000) 506,000 246,000 Ordinary Share capital at RM1 ach 400,000 150,000 Retained Profits 106,000 96,000 506,000 246,000 The acquisition was undertaken under the following terms: 1. Blue Ray agreed to issue 200,000,000 ordinary shares. It was agreed that the fair value of the shares of Blue Ray for the acquisitions is RM1.60. II. Sharp will go into liquidation. III. The fair value of the assets and liabilities of Sharp were estimated to be: Tangible Assets Current Assets RM250,000,000 RM36,000,000 Current Liabilities RM20,000,000