Mane Ltd acquired 70% of the ordinary shares of Milner Ltd on 30 June 2020. The cost of acquisition was $2.50 cash per share of Milner plus one share in Mane for every two shares acquired in Milner. Half the cash is payable at acquisition, and the other half is payable in one years time. Manes incremental borrowing rate is 5% (discount factor: 0.9524). Shares of Mane and Milner were trading at $5.50 and $3.80 respectively on 30 June 2020. The cost of issuing shares in Mane Ltd was $5,000. Mane Ltd Balance sheet as at 30 June 2020 $ Assets Cash at Bank 500 000 Other assets 400 000 Net assets 900 000 Equity Share capital 200,000 ordinary shares, fully paid 400 000 Retained profits 500 000 Total Equity 900 000 Milner Ltd Balance sheet as at 30 June 2020 $ Assets Cash at Bank 150 000 Other assets 270 000 Total assets 420 000 Liabilities Bank Loan 20 000 Net assets 400 000 Equity Share capital 150,000 ordinary shares, fully paid 150 000 Retained profits 250 000 Total Equity 400 000 Required: Prepare journal entries to record the acquisition of Milner Ltd by Mane Ltd and the deferred payment. Rounds all journals to the nearest whole number