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On 3 0 June 2 0 2 3 , Lucky Ltd . paid $ 4 5 0 , 0 0 0 to buy all the

On 30 June 2023, Lucky Ltd. paid $450,000 to buy all the shares of Ben Ltd. On this date, Ben Ltd. reported the following balances.
Share capital $250,000 Retained earnings $130,000 General Reserve $45,000
On the date of acquisition, all the assets and liabilities of Ben Ltd. were at fair value, except:
Land was recorded at a cost of $130,000 but had a fair value of $180,000
Ben Ltd. had recorded $50,000 as an expense for in-process research and development. However, Lucky Ltd. considered that this research and development was now an asset with a fair value of $11,000. Ben Ltd. considered that the fair value should be $18,000.
Required:
a) Prepare the acquisition analysis on 30 June 2023.
b) Prepare all the relevant journal entries required for the consolidation worksheet on 30 June 2023.
  

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