Combinations Hard Ltd is to take over the net assets of Hat Ltd. The statement of financial position of Hat Ltd immediately before the takeover is as follows. Carrying amount Fair value Cash 10 000 10 000 Accounts receivable 70 000 62 500 Land 310 000 420 000 Buildings (net) 265 000 275 000 Farm equipment (net) 180 000 182 000 Irrigation equipment (net) 110 000 112 500 Vehicles (net) 80 000 86 000 $ 1025 000 Accounts payable $ 40 000 40 000 Loan - ABC Bank 240 000 240 000 Share capital 335 000 Retained earnings 410 000 $ 1025 000 The takeover agreement specified the following details. Hard Ltd is to acquire all the assets of Hat Ltd except for cash, and one of the vehicles (having a carrying amount of $22 500 and a fair value of $24 000), and assume all the liabilities except for the loan from the ABC Bank. Hat Ltd is then to go into liquidation. Hard Ltd is to supply sufficient additional cash to enable the debt to the ABC Bank to be paid off and to cover the liquidation costs of $2750. It will also give an extra cash payment of $75 000. Hard Ltd is also to give a piece of land to Hat Ltd. The land has a carrying amount of $40 000 and a fair value of $110 000. Hard Ltd is to issue 50 000 shares, these having a fair value of $14 per share. The takeover proceeded as per the agreement with Hard Ltd incurring incidental costs of $12 500 and share issue costs of $9 000. In the table below, prepare the acquisition analysis for the acquisition of Hat Ltd in the records of Hard Ltd. Show all workings In the table below, prepare the acquisition analysis for the acquisition of Hat Ltd in the records of Hard Ltd. Show all workings Show all workings at the bottom of the Table: In relation to the acquisition analysis: The fair value of the identifiable net assets is: The total amount of consideration transferred is: The amount of goodwill or gain on bargain purchase is: In the table below, prepare the journal entries to record the acquisition of Hat Ltd in the records of Hard Ltd. B 1 Combinations Hard Ltd is to take over the net assets of Hat Ltd. The statement of financial position of Hat Ltd immediately before the takeover is as follows. Carrying amount Fair value Cash 10 000 10 000 Accounts receivable 70 000 62 500 Land 310 000 420 000 Buildings (net) 265 000 275 000 Farm equipment (net) 180 000 182 000 Irrigation equipment (net) 110 000 112 500 Vehicles (net) 80 000 86 000 $ 1025 000 Accounts payable $ 40 000 40 000 Loan - ABC Bank 240 000 240 000 Share capital 335 000 Retained earnings 410 000 $ 1025 000 The takeover agreement specified the following details. Hard Ltd is to acquire all the assets of Hat Ltd except for cash, and one of the vehicles (having a carrying amount of $22 500 and a fair value of $24 000), and assume all the liabilities except for the loan from the ABC Bank. Hat Ltd is then to go into liquidation. Hard Ltd is to supply sufficient additional cash to enable the debt to the ABC Bank to be paid off and to cover the liquidation costs of $2750. It will also give an extra cash payment of $75 000. Hard Ltd is also to give a piece of land to Hat Ltd. The land has a carrying amount of $40 000 and a fair value of $110 000. Hard Ltd is to issue 50 000 shares, these having a fair value of $14 per share. The takeover proceeded as per the agreement with Hard Ltd incurring incidental costs of $12 500 and share issue costs of $9 000. In the table below, prepare the acquisition analysis for the acquisition of Hat Ltd in the records of Hard Ltd. Show all workings In the table below, prepare the acquisition analysis for the acquisition of Hat Ltd in the records of Hard Ltd. Show all workings Show all workings at the bottom of the Table: In relation to the acquisition analysis: The fair value of the identifiable net assets is: The total amount of consideration transferred is: The amount of goodwill or gain on bargain purchase is: In the table below, prepare the journal entries to record the acquisition of Hat Ltd in the records of Hard Ltd. B 1