Complete simple journal entry :

Metal Fuzz Limited acquired the business of Heatseeker Limited for $115 000 cash. Heatseeker's balance sheet consist of the following accounts along with their carrying amounts and the estimated fair values of the assets and liabilities immediately before acquisition date: Accounts receivable Inventory Building (net) Accounts Payable Retained Earnings Share Capital Carrying amount ($) 7,000 10,000 65,000 22,000 Fair value ($) 7,000 15,000 75,000 22,000 10,000 50,000 Heatseeker Limited's also disclosed a contingent liability in its notes relating to a guarantee for a loan of $3,000. At the date of acquisition it was only a 40% chance that the guarantee would be invoked. Metal Fuzz limited has passed this partial journal entry to record the acquisition of Heatseaker limited : Dr Accounts receivable 7,000 Dr Inventory 15,000 Cr Accounts payable 22,000 Complete the rest of the journal entry