Copper Ltd acquired all the assets (except cash) of Trump Ltd on 1 July 2020. The statement of financial position of Steel Ltd as at 1 July 2020 was as follows: Copper Ltd Steel Ltd Cash $ 55000 $ 28 000 Accounts Receivables 85 000 55 000 Inventory 54 000 46 000 Buildings 270 000 160 000 Fixtures 76 000 48 000 Plant & Equipment 105 000 74 000 Total Assets $ 645 000 $ 411 000 Accounts Payables $ 195 000 $ 79 000 Provisions 85 000 64 000 Loans 90 000 80 000 Share Capital - 150 000 shares 150 000 - 96 000 shares 96 000 Retained Earnings 125 000 92 000 Total Liabilities and Equity $ 645 000 $ 411 000 The assets of Steel Ltd are all recorded at fair value except the following: Fair Value Inventory $ 65 000 Buildings 310 000 Fixtures 55 000 Plant & Equipment 84 000 In the terms of acquisition, Copper Ltd agreed to: i) Provide sufficient additional cash to enable Steel Ltd to pay off its liabilities and settle the liquidation costs of $4,000. ii) Pay two fully paid shares in Copper Ltd for every three shares held in Steel Ltd. The fair value of each Copper Ltd share was agreed to be $7. Costs of issuing the shares amounted to $3,000. Required: a) Prepare the acquisition analysis for the acquisition transactions of Copper Ltd. (9 marks) b) Prepare the journal entries in the books of Copper Ltd to record the acquisition at 1 July 2020