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Q8. Bruce Ltd considered the takeover of Willis Ltd. Both companies operated in the mining industry, but Willis Ltd had access to some infrastructure assets that would be useful to the operations of Bruce Ltd, in particular, both railroad and port facilities. After due consideration Page 1 of 4 including an in-depth financial analysis of the project, on 1 January 2016, Bruce Ltd made an offer to the shareholders of Willis Ltd: Bruce Ltd would pay two fully paid ordinary shares in Bruce Ltd plus $3.20 cash for every preference share in Willis Ltd, payable at acquisition date. Bruce Ltd would pay three fully paid ordinary shares in Bruce Ltd plus $1.50 in cash for every ordinary share in Willis Ltd. Half the cash is payable at acquisition, and the other half is payable in one year's time. However, part of the deal was that 80% of the shareholders of Willis Ltd had to accept the deal by the closing date of the offer, 30 March 2016. The shareholders of Willis Ltd took financial advice and the majority decided that this was a worthwhile offer. Of the ordinary shareholders, 90% accepted the offer while of the preference shareholders, all accepted the offer. At 30 March 2016, the share capital of Willis Ltd consisted of 100,000 fully paid ordinary shares at $2 per share, while the preference share capital consisted of 50 000 5% preference shares issued at $2 per share. The contract was agreed to on 1 April 2016. At that date, the fair value of each Bruce Ltd share, based on recent market transactions, was $3.80. Bruce Lid's borrowing rate on current debt was 8% p.a. The cost of issuing the ordinary shares in Bruce Ltd was $1,500 for the shares issued to the former Willis Ltd preference shareholders and $2,400 for the shares issued to the former ordinary shareholders in Willis Ltd. Details of Willis Ltd.'s assets and liabilities acquired by Bruce Ltd are as follows: Details Book Value Fair Value Plant & equipment 360,000 367,000 Land 260.000 257,000 Inventory 24,000 30,000 Accounts receivable 18,000 16.000 Accounts payable (35,000) (35,000) Bank overdraft (55,000) (55,000) Buildings 1.200.000 1,250.000 B Ltd is currently being sued by a previous customer. The expected damages is $50,000. Lawyers estimate that there is a 20% chance of losing the case. Required: Prepare the acquisition analysis in Bruce Ltd to record the acquisition of the shares of Willis Ltd at 1 April 2016 =