Charlie Ltd acquired 90% of the share capital of Cameron Ltd on 1 January 20X7. At that time, the fair values of Cameron Ltds net assets were as follows: $ Land 180,000 Equipment 30,000 Accounts receivable 25,000 Accounts payable 18,000 On 1 January 20X7, the share capital of Cameron Ltd consisted of 100,000 ordinary shares issued for $1 each and fully paid. The cost of acquisition under the takeover scheme consisted of 90c cash plus one share in Charlie for every share acquired from Cameron. Charlie shares were then trading at $1.20 each on the ASX (Australian Securities Exchange).

REQUIRED Prepare the journal entry for Charlie Ltd for the above acquisition. (3 marks)