Goodwill-Business combination: Complete the 'goodwill exercise below Note: You may find illus trative example 25.1 in Loftus Ch.25 helpful when completing this exercise Light Ltd acquired all the assets and liabilities of Sound Ltd on 01 July 2017. At this date, the assets and liabiliies of Sound Ltd consisted of the following items SOUND LTD 1 July 2017 Carrying Amount Fair Value S1 000 000 $4 000 000 Current Assets Non-Current Assets $980 000 $4 220 000 S5 000 000 S5 200 000 $500 000 Liabilities $500 000 S4 500 000 $4 700 000 Share capital 100 000 shares Reserves S3 000 000 $1 500 000 $4 500 000 In exchange for these net assets, Light Ltd agreed to: o Issue 10 Light Ltd shares for every Sound Ltd share - Light Ltd shares o Transfer a patent to the former shareholders of Sound Ltd the patent was o Pay $5.20 per share in cash to each of the former shareholders of Sound were considered to have a fair value of $10 per share; carried in the records of Light Ltd at S350 000 but was considered to have a fair value of $1M. Ltd Light Ltd incurred S10 000 in costs associated with the acquisition of these net assets. Required: Calculate the amount of goodwill acquired by Light Ltd, in this business combination Clearly set out all workings