On 1 July 2020 H Ltd acquired the following assets and liabilities from B Ltd:

	Carrying amount	Fair value
Land	$350,000	$350,000
Equipment (cost $450,000) Motor Vehicles	$280,000 $120,000	$290,000 $130,000
Inventory	$80,000	$75,000
Cash	$35,000	$35,000
Accounts payable	($28,000)	($28,000)
Loans (non-current)	($100,000)	($100,000)

In exchange for these assets and liabilities, H Ltd issued 90 000 shares that had been issued for $4.50 per share but as at 1 July 2020 had a fair value of $6.50 per share. The issue of the shares cost $500 and the cost of the acquisition was $1,000.

Question:

Determine the goodwill/bargain on purchase and prepare the journal entries in the records of H Ltd to account for the acquisition of the assets and liabilities of B Ltd.