Taya's Cookie Store Corp (TCS), a Canadian company that reports its financial statements in accordance with IFRS, acquired 100% of the net assets of Jaxxen's Flour Shop Inc. (JFS) on December 31, 20X4, for $500,000 cash. JFS's statement of financial position as at December 31, 20X4, is as follows: Jaxxen's Flour Shop Inc. Statement of financial position As at December 31, 20X4 (in '000s) Cash $ 24 Accounts receivable and accruals 64 Inventory 61 Land 190 Equipment (net) 200 Total assets $ 539 Accounts payable and accruals $ 19 Long-term debt 300 Common shares 100 Retained earnings 120 Total liabilities and equity $ 539 The fair value of JFS's identifiable net assets at time of acquisition differed from its book value as indicated below (in $'000s): Book value Fair value Est. remaining Dec. 31, Dec. 31, useful life/term to Estimated 20X4 20X4 maturity residual value Inventory 61 66 N/A N/A Land 190 220 NA N/A Equipment (net) 200 185 5 years $- Patent 20 10 years Long-term debt 300 290 5 years N/A Required: a) Use the acquisition method to allocate the acquisition differential and determine goodwill arising on acquisition. (2 marks) b) Prepare TCS's journal entry to record the acquisition. Support the journal entry with a brief explanation as to its nature