Victoria Ltd purchased from Albert Ltd the following parcel of assets and liabilities representing a business. In exchange for these assets and liabilities, Victoria Ltd issued 10 000 shares, and the fair value of each share at the acquisition date is $5.50. Cost of issuing shares were $4 000. Legal costs associated with the acquisition amounted to $2 000. After the transaction, Albert Ltd continued in business otherwise unaffected.

	Cost	Carrying amount	Fair value
Accounts receivable	45 000	40 000	37 000
Machinery	120 000	100 000	90 000
Accounts payable	12 000	12 000	12 000

Additional information:

Victoria Ltd assumed responsibility for unrecognised contingent liability of Albert Ltd with a fair value of $50 000. The

SHOW all necessary journal entries to record the above acquisition.