Should the general journal entries regarding the purchase of the business be listed from the trial balance or at fair value ?

What entries should be used for the purchase of the business ?

The trial balance of the partnership of Woods Brothers trading as Woods Hardware as at 21 June 2018 disclosed: Inventory $145,000 Accounts receivable 225,000 Land at cost 50,000 Buildings at cost 80,000 Accumulated depreciation -buildings $ 20,000 Fittings and equipment 60,000 Accumulated depreciation -fittings and equipment 25,000 Motor vehicles 40,000 Accumulated depreciation - motor vehicles 24,000 Accounts payable 181,000 Bank overdraft 100,000 Capital - John Woods 125,000 Capital - Thomas Woods 125,000 600,000 600,000 At that date Woods Industries Ltd was incorporated to acquire Woods Hardware as a going concern for a purchase consideration of $500,000. The purchase consideration was settled by the issue of fully paid ordinary shares. The fair value of the assets acquired is: Land $ 300,000 Buildings 170,000 Fittings and equipment NIL Motor vehicles 5,000 Inventory 100,000 Accounts receivable 200,000