please answer the question in a understandable way. Thank you

Fair valu $270,000 1,080,000 $2,160,000 1,147,500 At the 14 July 2022 Towelling Ltd had the following financial position: Carrying amount Assets Current as Cash $270,000 Accounts receivable 1,080,000 Total current assets $120.000 Non-current assets Plant and equipment $2,835,000 Accumulated depreciation (810,000) Fixtures and fittings 1,215,000 Accumulated depreciation (135,000) Motor vehides 1,080,000 Accumulated depreciation (270,000) Land 1485.000 Total non-current assets $320.000 Total assets $5.700.000 Liabilities Current liabilities Accounts payable $135,000 Total current liabilities $135.000 Non-current liabilities Long term foan $540,000 Total non-current liabilities $$40.000 Total liabilities $577-1000 Not assets $4.075.000 Equity Share capital - 135,000 ordinary shares $3,375,000 Retained earnings 2.700.000 Total equity $5.075.BE 823,500 2,025,000 $135,000 $540,000 Cotton Ltd had purchased all the assets and taken over all the liabilities of Towelling Ltd on 14 July 2022 The purchase consideration included Cotton Ltd issuing to the Toweling Lad shareholders 6 Cotton Lid Shares and giving them a cash payment of 52 70 for each one Towelling Ltd share held. The Cotton Ltd shares were deemed to have a far value of $9.45 cach. The costs of issuing the Cotton Lid shares amounted to 5810. The Towelling Ltd shareholders would also have a patent transferred to them. This patent was internally generated by Cotton Lid with a carrying value of $540,000 and was deemed to have a fair value of $1,350,000 At 30 June 2022 Toweiling Ltd had noted in its financial statements a contingent liability due to a guarantee that the company had given for another company's foan. No value had been placed on the guarantee but the fair value at the date of acquisition was assessed at 554.000, Prior to the acquisition of Toweiing Ltd Cotton Ltd sought advice from lawyers and accountants and at the completion of the acquisition their foes amounted to 513.500. Required Complete the joumal entries in the books of Cotton Ltd recording the acquisition of Toweling Ltd