The July 31, Year 3, balance sheets of two companies that are parties to a business combination are as follows: Current assets Plant and equipment Accumulated depreciation Patents (net) Ravinder Corp. Carrying Amount $ 1,601,400 $ 1,331,400 (250,700) Carrying Amount Robin Inc. Fair Value 420,700 $ 470,800 1,341,400 974,800 (501,400) 73,400 $ 2,682,100 $ 1,260,700 Current liabilities Long-term debt Common shares Retained earnings $ 1,361,400 $ 481,400 721,400 117,900 253,400 360,700 253,400 385,400 169,400 477,200 $ 2,682,100 $ 1,260,700 In addition to the assets identified above, Ravinder Corp. attributed a value of $101,400 to a major research project that Robin Inc. was working on. Robin Inc. feels that it is within a year of developing a prototype for a state-of-the-art bio-medical device. If this device can ever be patented, it could be worth hundreds of thousands of dollars. Effective on August 1, Year 3, the shareholders of Robin Inc. accepted an offer from Ravinder Corp. to purchase 80% of their common shares for $1,096,000 in cash. Ravinder Corp.'s legal fees for investigating and drawing up the share purchase agreement amounted to $25,700. Required: (a) Prepare the journal entries in the records of Ravinder Corp. to record the share acquisition and cost of legal fees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the payment for share acquisition. lote: Enter debits before credits. S.No 1 Journal Debit Credit Record the cost of legal fees. Note: Enter debits before credits. S.No 2 Journal Debit Credit (b) Prepare a schedule to calculate and allocate the acquisition differential. (Negative amounts and amounts to be deducted should be indicated by a minus sign.) Cost of 80% of Robin Inc. Implied value of 100% of Robin Inc. Carrying amount of Robin's Inc. net assets Assets Liabilities Acquisition differential Allocated: Goodwill FV - CA 0 0 (c) Prepare Ravinder Corp.'s consolidated balance sheet as at August 1, Year 3. Assume there were no transactions on this date other than the transactions described above. (Negative amounts should be indicated by a minus sign.) Assets Current assets Plant and equipment Patents-net Research project Goodwill RAVINDER CORP. Consolidated Balance Sheet August 1, Year 3 Liabilities and Equity Current liabilities Long-term debt Common shares Non-controlling interest Retained earnings $ 0 $ 0