Light Ltd acquired all the assets and liabilities of Sound Ltd on 01 July 2017. At this date, the assets and liabilities of Sound Ltd consisted of the following items: SOUND LTD - 1 July 2017 Carrying Amount Fair Value Current Assets Non-Current Assets $1 000 000 $4 000 000 $980 000 $4 220 000 $5 000 000 $500 000 $5 200 000 $500 000 Liabilities $4 700 000 $ 4 500 000 ======= = = = = Share capital 100 000 shares Reserves $3 000 000 $1 500 000 ---- S4 500 000 = = = = = In exchange for these net assets, Light Ltd agreed to: 0 Issue 10 Light Ltd shares for every Sound Ltd share - Light Ltd shares were considered to have a fair value of $10 per share; o Transfer a patent to the former shareholders of Sound Ltd - the patent was carried in the records of Light Ltd at $350 000 but was considered to have a fair value of $1M. Pay $5.20 per share in cash to each of the former shareholders of Sound Ltd. O Light Ltd incurred $10 000 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