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Alma Ltd acquired all the issued shares (ex div.) of Davis Ltd on 1 July 2018 for $1913060. At this date Davis Ltd recorded a dividend payable of $38000 and |equity of the following Share capital Retained earnings 670000 287000 230000 General reserve All the identifiable assets and liabilities of Davis Ltd were recorded at amounts equal to their fair values at acquisition date except for the following; Further life- Carrying Account Fair value Cost in Year Amount $517,000 $1,033,000 $1,206,000 Inventories $287,000 $574,000 $670,000 Land $804,000 Machinery Of the inventories, 90% was sold by 30 June 2019. The remainder was sold by 30 June 2020. In May 2019, Davis Ltd transferred $115000 from the General reserve at 1 July 2018 to a Retained earnings Tax rate:30% |Required |1. Prepare the acquisition analysis at 1 July 2018