On 1 September 2021, Sanders Ltd acquired all of the issued share capital of Orion Ltd for an amount of $2 800 000 cash. On the date of the acquisition, the carrying amount and related fair value of assets, liabilities, and equity of Orion Ltd are: Carrying amount Fair value $ $ Cash 225,000 225,000 Accounts receivable 168,000 168,000 Inventory 220,000 236,000 Land 1,200,000 2,540,000 Plant 2,800,000 3,600,000 Loans (2,175,000) (2,175,000) Accounts payable (1,580,000) (1,580,000) Contingent liabilities (380,000) REQUIRED O a) Calculate the goodwill or gain on acquisition. Ignore any deferred tax considerations. (8 marks) b) Referring to how goodwill is defined in ASB 3 (Business Combinations), is goodwill considered an asset for the purposes of financial planning? (3 marks) [11 marks]