Lion Ltd completed the acquisition of all assets and the assumption of all liabilities of Goat Ltd

on July $1,2024.$ For this acquisition, Lion Ltd agreed the following payment to the shareholders

of Goat Ltd: $5$ shares of Lion Ltd for every $2$ shares held in Goat Ltd$,$ together with a cash

payment of $$10$ per share to the former shareholders of Goat Ltd$.$ At the time of the transaction,

the fair value of Lion Ltd and Goat Ltd shares was $$7$ and $$5$ per share, respectively. The costs

incurred for the share issue amounted to $$3,000.$

On $1$ July $2024,$ the financial position of Goat Ltd was as follows:

Additional information:

$(1)$ On $30$ June $2024,$ Goat Ltd had reported a contingent liability relating to a guarantee

given by that company to another entity. Goat Ltd did not record the guarantee as a liability

because of the uncertainty in measuring the liability. measuring the liability. The fair value of

this contingent liability was assessed as $$35,000$ as at $1$ July $2024.$

$(2)$ The assets of Goat Ltd did not include a patent that was valued by Lion Ltd at $$25,000.$

$(3)$ Lion Ltd incurred $$15,000$ in costs in relation to accounting and legal fees in relation to its

acquisition of Goat Ltd$.$

Required:

Prepare the journal entries in the records of Lion Ltd in relation to its acquisition of Goat Ltd

on $1$ July $2024.$