Big Ltd acquired all the assets and liabilities of Small Ltd on 1 July 2019. At this date, the assets and liabilities of Rod 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 –@$6 per share	600,000
Reserves	30,000

In exchange for these assets and liabilities, Big Ltd agreed to

1- Issue 2 Big Ltd shares for every Small Ltd Share – Big Ltd shares were considered to have a fair value of $3 per share; costs of issue were $1,500

2- Transfer a piece of Land to the former shareholders of Small Ltd – the Land was carried in the records of Big Ltd at $200,000 but was considered to have a fair value of $500,000.

3- Pay $3 per share in cash to each of the former shareholders of Small Ltd. Big Ltd incurred $5000 in costs associated with the acquisition of these net assets.

Required:

• As per the Acquisition Analysis prepared on 01/07/2019, the Goodwill or gain on bargain purchase would be:
• The Journal entry to record value difference in Land (Ignore Income tax effect)
• The Journal entry to record costs associated with the acquisition of these net assets
• The Journal entry to record costs of share issue
• The Journal entry to record Goodwill or gain on bargain purchase