On 1 July 2021 Charlottes Bridal Wear Ltd acquired all the assets and liabilities of a rival Wedding supplier (Here 4U Pty Ltd). The following information is relevant to Charlottes Bridal Wear Ltds purchase:

The assets and liabilities of Here 4U Ltd at the date of acquisition consisted of :

Furniture and Fittings	24000
Accumulated depreciation- Furniture and Fittings		8000
Land	250000
Buildings	310000
Accumulated depreciation- Buildings		93000
Inventory	88000
Accounts receivable	7500
Accounts payable		1230

It was assessed that the assets and liabilities of Here 4U Pty Lty represent fair values except for the following. Appropriate fair values are estimated to be:

Furniture and Fittings	15000
Inventory	80000

1. Here 4U Pty Ltd also has an internally generated brand that is not shown in the accounting records. Charlottes Bridal Wear Ltd estimates that this brand has a fair value of $30000.
2. In consideration of the purchase, Charlottes Bridal Wear Ltd has agreed to transfer 200000 shares to the shareholders of Here 4U Ltd. The share price of Charlottes Bridal Wear Ltds shares at 1 July 2021 was $ 1.20. Share issue costs incurred by Charlottes Bridal Wear Ltd amount to $2000. In addition, Charlottes Bridal Wear Ltd agreed to transfer $ 400000 cash to be paid on 2 August 2021.
3. Legal costs incurred by Charlottes Bridal Wear Ltd to prepare the sale agreement amount to $5000.

Required

Prepare the journal entries in Charlottes Bridal Wear Ltd to record the acquisition of Here 4U Pty Ltd under AASB 3 Business Combinations.