Manna ltd enters into a business combination with Noah Inc. in which Manna purchases all of the identifiable assets and liabilities of Noah Inc. To effect the business combination, Manna issued 50,000 of its common shares currently trading at $8.00 per share for all of Noah's net identifiable assets. Manna is considered to be the clear acquirer. Costs associated with the business combination are:
Legal, appraisal, and finders' fees $5,000
Costs of issuing shares
7,000
..........
$12,000
Balance sheet data for the two companies immediately before the business combination are below:

                                                       Manna ltd Book Value           Noah Inc. Book Value        Noah Inc. Fair Value  

Cash                                                            $ 140,000                               $ 52,500                           $ 52,500

Accounts receivable—net                             167,200                              61,450                                 56,200

Inventories                                                     374,120                               110,110                              134,220

Land                                                               425,000                             75,000                                  210,000

Buildings—net                                               250,505                             21,020                                  24,020

Equipment—net                                             78,945                             17,705                                  15,945  

Total assets                                                  $1,435,770                      $337,785                           

Current Liabilities                                             $ 133,335                         $ 41,115                    $ 41,115

Non-current Liabilities                                      ------------                              150,000                   155,000
Common Shares                                                   500,000                            100,000

Retained Earnings                                                 802,435                            46,670

Total Liabilities and Shareholders' Equity       $1,435,770                         $337,785

Required:  
 
 -Calculate any goodwill created at the time of the business combination.  
 -Prepare the journal entries on Manna's books to record the business combination.
 -Prepare Manna's balance sheet immediately after the business combination. Use an appropriate three line title.