Bold Ltd acquired all the assets and liabilities of Shark Ltd on 1 July 2019. At this date, the assets and liabilities of Shark Ltd consisted of the following:

	Carrying Amount	Fair Value
Assets
Cash	250,000	600,000
Accounts receivable	450,000	500,000
Land	200,000	300,000
Vehicle	100,000	200,000
Accumulated depreciation -Vehicle	(20,000)
Liabilities
Accounts payable	150,000	150,000
Loans	200,000	200,000
Equity
Share Capital 100 000 shares	600,000
Reserves	30,000

In exchange for these assets and liabilities, Bold Ltd agreed to:

• Issue two (2) Bold Ltd shares for every Shark Ltd Share Bold Ltd shares were considered to have a fair value of $3 per share; costs of issue were $1,500
• Transfer a piece of Land to the former shareholders of Shark Ltd the Land was carried in the records of Bold Ltd at $200,000 but was considered to have a fair value of $500,000.
• Pay $3 per share in cash to each of the former shareholders of Shark Ltd.

Bold Ltd incurred $5000 in costs associated with the acquisition of these net assets.

Required:

a) As per the Acquisition Analysis prepared on 01/07/2019, calculate goodwill or gain on bargain purchase.

b) Provide journal entry to record value difference in Land. (Ignore Income tax effect)

c) Provide journal entry to record costs associated with the acquisition of these net assets.

d) Provide journal entry to record costs of share issue.

e) Provide journal entry to record Goodwill or gain on bargain purchase.