Iron Ltd is taking over the net assets of Man Ltd. The statement of financial position of Man Ltd immediately before the takeover on 1 July 2020 is as follows: Accounts receivable Land Buildings (net) Eq uipment (net) Plant (net) Vehicles (net) Accounts payable Loan ABC Bank Share capital Retained rnings The takeover agreement specified the following details: Carrying amount 512,000 80,000 380,000 285,000 180,000 120,000 90,000 1,067,000 35,000 245,000 380,000 407,000 1,067,000 FairValue 512,000 82500 340,000 275,000 182,000 112,500 92,000 35,000 245,000 a. Iron Ltd is to acquire all the assets of Man Ltd except for cash, and one of the vehicles (having a carryingamount of S19,SOO and a fairvalue of 525,000), and assume all the liabilities except for the loan from the ABC Bank. Man Ltd is then to go into liquidation. b. Iron Ltd is to supply sufficient cash to enable the debt to the ABC Bank to be paid off and to cover the liquidation costs of 53,500. It will also give $70,000 to be distributed to the owners of Man Ltd. c. Iron Ltd is also to give a parcel of land to the owners of Man Ltd. The land has a carrying amount of 5120,000 and a fair value of $110,000. d. Iron Ltd is to issue 52,000 shares to the owners of Man Ltd. These have a fair value of $12 per share. The takeover proceeded as perthe agreement, with Iron Ltd incurring incidental costs of $15,500 and share issue costs of S9,200.