On 1 July 2020, Sydney Ltd took control of the assets and liabilities of Perth Ltd. At this date the statement of financial position of Perth Ltd was as follows:- Fair value $67,000 Machinery Fixtures & fittings Carrying amount $40,000 60,000 35,000 68,000 Vehicles 35,000 10,000 12,000 (16,000) (18,000) Current assets Current liabilities Total net assets Share capital (80 000 shares at $1.00 per share) $129,000 80,000+ 20,000- General reserve Retained earnings 29,000 Total equity $129,000 Prepare the journal entries in the records of Sydney Ltd at 1 July 2020 in the following situation, assuming the costs of issuing the shares by Sydney Ltd cost $1,600. a. Sydney Ltd issued 80,000 shares having a fair value of $2.40 per share in exchange for the net assets of Perth Ltd