On 1 June 2021, Organic Ltd signed a contract with Biodome Ltd to acquire a group of assets and liabilities that Organic believes meet the definition of a business. Settlement took place on 1 June 2021. The purchase consideration included: . 100 000 shares in Organic with a market value of $4.50 at the date of the transaction. a vacant land of Organic Ltd with carrying amount of $480 000. The fair value of the vacant land was $520 000 at the date of the transaction. Organic Ltd incurred $1 100 consulting and legal fees in relation to the transaction and $1 000 fees in relation to the issuance of shares. The consulting and legal fees remained unpaid on 1 June 2021. The assets acquired and liabilities assumed at acquisition date were as follows: Carrying amount $ Fair value $ Assets Inventory 210 000 170 000 Capitalised software nil 90 000 Plant & Equipment (net) 500 000 450 000 Land & Buildings (net) 400 000 530 000 Liabilities Loan 200 000 200 000 Required: Prepare the journal entries for Organic Ltd on 1 June 2021 to record the transaction in accordance with AASB 3 Business Combinations