On 1 January 2017 Peter Limited purchased a parcel of assets and liabilities directly from Alexander Ltd, which constitutes a business in accordance with AASB 3 Business Combinations'. The cost of the acquisition was $95,000, which was paid in cash. The financial information of Alexander Limited as at 1 January 2017 is listed below; Cost Carrying Fair value $ Amount $ $ Accounts Receivable 45,000 40,000 37.000 30.000 30.000 42.000 --l The trademark relates to an internally generated intangible asset that cannot be recognised in the books of Alexander Ltd and the contingent liability refers to a claim by a former employee relating to unfair dismissal case which was disclosed in the notes to the financial statements. The court hearing is due to be held during 2017