Barrengarry Ltd owns a number of sustainable pine forest plantations, and has been a supplier of certified Hoop Pine to Ulladulla Timber Mill Ltd for many years. The owners have invested heavily in research and development over the years, particularly in sustainable practices for planting and harvesting timber and the use of low residue herbicides. Ulladulla Timber Mill Ltd operates a saw mill and timber yard on the South Coast of New South Wales and supplies timber to retailers in Sydney, Canberra and locally. Ulladulla Timber Mill Ltd acquired 10% of the shares of Barrengarry Ltd for $165,000 on 1 July 2029. The shares were last revalued to their fair value of $220 000 in the financial statements for the year ended 30 June 2034. A takeover offer for the remaining shares was launched in the next financial year and on was concluded on 31 May 2035 as follows: Ulladulla Timber Mill Ltd (IJTM) acquired the remaining 90% of the issued shares (ex div.) UTM paid the shareholders of aarrengarry Ltd by issuing 50 000 ordinary shares and making a cash payment of $295 000. The ordinary shares issued by UTM has a fair value of $40.00 per share On this date, the 10% shareholding in Barrengarry Ltd had a fair value of $230 ooo UTM incurred share issue and registry costs of $5 200 (paid in July 2035) UTM incurred valuation fees, fees for accounting and taxation advice and legal costs associated with the business acquisition totalling $32,000 (paid in August 2035).