na Lid purchased 98% of the issued shares of Carl Lid for $650000 on 1 July 2018 when the equity of Carl Ltd was as follows; Share capital 260000 General reserve 195000 Asset revaluation surpluss 97500 At this date, Carl Lid had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings; 5 Account Cost Carrying 6 Fair value Further Amount life ( Years) Inventories $19,500 $21,500 8 Land $49,000 $54,000 9 Machinery $75,000 $60,000 $72,000 related to a lawsuit where Carl Ltd was sued by a former 10 supplier $8,000 Carl Lid had unrecorded and internally generated Patent with the FairValue of: $20,000 Carl Lid had unrecorded and internally generated in-process research and development with the FairValue of: $15,000 60% of inventory on hand at 1 July 2018 were sold by 30 June 2019. Further life of the assets are listed on the above table. Partial goodwill method is under use and Tax rate:30% 4 15 Required 1. Make the acquisition analysis at acquisition date. 2- Make the business combination valuation entries and pre-acquisition entry at acquisition date.