Wayne Management Ltd acquired all assets and liabilities of Felix Ltd on 30 June 2020. The carrying amount and fair value of assets and liabilities taken over are as follows: Carrying amount (3} Fair value [5) Cash 10,000 10,000 Accounts Receivables 600,000 800,000 Inventory 1,200,000 1,300,000 Property, Plant and Equipment {Net} 300,000 350,000 Liabilities Accounts payable 400,000 400,000 Provision for annual leave 150,000 150,000 In addition, due diligence identified the existence of a brand names that was valued by an expert at $100,000. The due diligence process also uncovered contingent liabilities {Guarantee Payable) that were measured at $30,000. The consideration paid was $000,000. Required {a} Calculate the amount of goodwill that would be recorded in the books of Wayne Management Ltd following the acquisition of Felix Ltd. Show all workings. |Answer and show workings here|