Omega Ltd was incorporated on 1 April 2021 and took over the business of Zeta & Partners from 1 January 2021. The agreed purchase price was $500,000. The purchase price was paid on 31 May 2021, including $50,000 interest. Below is the profit and loss account for the year ending 31 December 2021:

Account	Amount
Sales	500,000
Cost of goods sold	250,000
Gross profit	250,000
Wages and salaries	70,000
Rent	20,000
Distribution expenses	15,000
Interest paid to vendors	50,000
Depreciation	25,000
Miscellaneous expenses	10,000
Net profit	60,000

Required: a. Show the allocation of profits between the pre- and post-incorporation periods. b. Prepare the journal entries for the purchase transaction. c. Calculate the goodwill arising from the acquisition.