On 1 July 2019 Curious Ltd acquired the following assets and liabilities from George Ltd: Carrying amount Fair value Land $300,000 $350,000 Equipment (cost $450,000) $280,000 $290,000 Share portfolio $80,000 $85,000 Cash 15,000 $15,000 Accounts payable ($20,000) ($20,000) Loans (non-current) ($80,000) ($80,000) In exchange for these assets and liabilities, Curious Ltd issued 90 000 shares that had been issued for $6.50 per share but as at 1 July 2019 had a fair value of $5.50 per share. The issue of the shares cost $500 and the cost of the acquisition was $1,000.

1. Calculate the goodwill / gain on bargain purchase. 2. Prepare the journal entries in the records of curious ltd to account for the acquisition of the assets and liabilities of George ltd.