On 1 July 2023, Kitt Ltd acquires the net assets of an existing business, MarzLtd. The net assets of Marz Ltd on 1 July 2023 are as follows: In exchanges for these net assets, Kitt Ltd agrees to: - Pay cash consideration of $400,000 half on 1 July 2024. The incremental borrowing rate for Kit Ltd is 10%. - Transfer a patent, which has a carrying amount of $5,000 in Kit Ltd.'s financial statements but is considered to have a fair value of $300,000 on 1 July 2023. - Issues 50,000 new shares in Kitt Ltd to Marx Ltd. At the date of acquisition, Kitt Ltd's shares are trading on the Australian Securities Exchange at \$2.70 per share. Kitt Ltd incurs incidental costs of $6,000 in relation to the acquisition, and costs of issuing the shares in Kitt Ltd are $3000. Required: a) Prepare an acquisition analysis in relation to the acquisition made by Kit Ltd. b) Prepare the journal entries in the records of Kitt Ltd to record the business combination