On 1 July 2019, Quick Buck Ltd took control of the assets and liabilities of Eldorado Ltd. Quick Buck Ltd issued 80,000 shares having a fair value of $2.40 per share in exchange for the net assets of Eldorado Ltd. The costs of issuing the shares by Quick Buck Ltd cost $1,600.At this date the statement of financial position of Eldorado Ltd was as follows:

Carrying amount Fair value Machinery$40,000$67,000 Fixtures & fittings60,00068,000 Vehicles35,00035,000 Current assets10,00012,000 Current liabilities(16,000)(18,000) Total net assets$129,000 Share capital (80,000 shares at $1.00 per share) $80,000 General reserve20,000 Retained earnings29,000 Total equity$129,000

Required: Prepare the journal entries in the records of Quick Buck Ltd at 1 July 2019 for the acquisition.