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25.7 Accounting for business combination by acquirer * LO6 Yarra Ltd and River Ltd are two family-owned flax-producing companies in Victoria. Yarra Ltd is owned by the Jones family and the Smith family owns River Ltd. The Jones family has only one son and he is engaged to be married to the daughter of the Smith family. Because the son is currently managing Yarra Ltd, it is proposed that, after the wedding, he should manage both companies. As a result, it is agreed by the two families that Yarra Ltd should take over the net assets of River Ltd. The statement of financial position of River Ltd immediately before the takeover is as follows. Cash Accounts receivable Land Buildings (net) Farm equipment (net) Irrigation equipment (net) Vehicles (net) Carrying amount $ 10000 70 000 310 000 265 000 180 000 110000 80 000 $1 025 000 $ 40000 240 000 335 000 410 000 $1 025 000 Fair value $ 10000 62 500 420 000 275 000 182 000 112 500 86 000 40 000 240 000 Accounts payable Loan Trevally Bank Share capital Retained earnings The takeover agreement specified the following details. Yarra Ltd is to acquire all the assets of River 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 Trevally Bank. River Ltd is then to go into liquidation. The vehicle is to be transferred to Mr and Mrs Smith. Yarra Ltd is to supply sufficient cash to enable the debt to the Trevally Bank to be paid off and to cover the liquidation costs of $2750. It will also give $75 000 to be distributed to Mr and Mrs Smith to help pay the costs of the wedding. Yarra Ltd is also to give a piece of its own prime land to River Ltd to be distributed to Mr and Mrs Smith, this eventually being available to be given to any offspring of the forthcoming marriage. The piece of land in question has a carrying amount of $40 000 and a fair value of $110000. Yarra Ltd is to issue 50 000 shares, these having a fair value of $14 per share, to be distributed via River Ltd to the soon to-be-married-daughter of Mr and Mrs Smith, who is currently a shareholder in River Ltd. The takeover proceeded as per the agreement, with Yarra Ltd incurring incidental costs of $12 500 and share issue costs of $9000. Required Prepare the acquisition analysis and the journal entries to record the acquisition of River Ltd in the records of Yarra Ltd