Q1 At 1July 2014 Red Ltd acquired all the issued shares of Goshawk Ltd for $283,000 . The equity of Goshawk Ltd at this date was : Share capital (100,000 shares) 200,000 General Reserve 50,000 Retained Earnings 20,000 All identifiable assets are shown at fair value except: Carrying amount Fair Value Inventory 60,000 65,000 Plant (cost $280,000) 200,000 210,000 Required: Prepare the necessary journal entries to record the acquisition and fair value adjustments :