You are an assistant accountant for BluePrint Pty Ltd, Public Accounting firm. Your manager Aaron asked you to draft a statement of advice for the following three clients regarding their concerns listed below. Client 1 (Max Hills Ltd) Re. Recognition of assets and liabilities in business combination Max Hills Ltd recently purchased 100% of issued shares in Mini Ltd. The directors of Max Hills Ltd discovered the following items were not recognised in Mini Ltd's books at the time of acquisition. Intangible assets a) a household brand name which the market has valued at $10 million; b) a customer list consisting of information about customers, such as their name, personal preferences, order or product backlog and contact information, which is estimated to have a fair value of $5 million; and c) a good customer relationship (customer contracts and related customer relationship) which is highly valued by Subsidiary Ltd, but which is estimated to have a fair value of only $1 million once the ownership and management of Subsidiary Ltd is changed through the acquisition. Contingent liabilities a) a contingent liability involving a claim for infringement of copyright, which the lawyers are of the opinion that there is a 60% chance that Mini Ltd will have to pay nothing, a 20% chance that it has to pay $100,000 and another 20% chance that it has to pay $500,000; and b) a contingent liability involving a possible payment of $1 million compensation to the CEO of Mini Ltd in the event that the CEO is dismissed within 3 years for not meeting the profit targets. Provide advice to the managing director of Max Hills Ltd, with relevant references to the Australian Accounting standards in your answer.