Short question 2 Wallaby Ltd is acquiring a sole proprietorship business owned by Joey. Wallaby Ltd agreed to pay a purchase consideration of 300,000 to acquire Joey's business. Joey's assets are valued at 275,000 and Joey's liabilities are valued at 25,000 at the acquisition date. Required Calculate the amount of goodwill which will be recognised in Wallaby Ltd's financial statements following the acquisition of Joey's sole proprietorship business. (2 marks) TURN OVER