On 30 June 2019, Everywhere Ltd. acquired all the assets and liabilities of Hasbeen Ltd. Details of the consideration transferred by Everywhere Ltd. are as follows: Cash of $525,000 and 50,000 shares in Everywhere Ltd. were issued. The share price on 30 June 2019 was $3.50 per share. Cost of issuing the shares was $2,350. Legal fees and associated costs with the acquisition totalled $5,650. At the date of acquisition, the carrying values of all assets and liabilities presented on the statement of financial position of Hasbeen Ltd were as follows: Carrying Amount Assets Cash $420,000 Plant, Property and Equip (PPE) $350,000 Debtors $17,000 $73,000 Patents Liabilities Debentures. $65,000 In addition, Hasbeen Ltd. is currently being sued by a previous client. The fair value of the expected damage is $17,000. Required: a) Discuss any two of the requirements to measure all assets acquired and liabilities assumed at the fair value by Hasbeen Ltd. (1 mark) b) Analyse and provide the necessary details for the information given and determine the goodwill or bargain from the purchase transaction (show all workings). (5 marks) c) Prepare the necessary journal entries for the business combination on the acquisition date, using the direct method. (narrations are required). (7 marks) The fair value of all assets and liabilities presented above are the same as their carrying values. The exceptions are the PPE which had a fair value $40,000 lower than the carrying value, the Debtors which had a fair value $5,000 lower than the carrying value, and Patents which had a fair value $15,000 greater than the carrying value.