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Question - On 1 July 2019, Anglo Ltd took control of the assets and liabilities of Jim Ltd. At this date the statement of financial position of Jim Ltd was as follows:
Carrying Amount Fair value
Machinery 40 000 64 000
Fixtures & fittings 60 000 65 000
Vehicles 35 000 35 000
Current assets 10 000 12 000
Current liabilities (16 000) (18 000)
Total net assets $ 129 000
Share capital
(80,000 shares at $1/share) 80 000
General reserve 20 000
Retained earnings 29 000
Total Equity $ 129 000
Required - Make the journal entries in the records of Anglo Ltd at 1 July 2019 in each of the following situations, assuming the costs of issuing the shares by Anglo Ltd cost $1600.
Anglo Ltd issued 80 000 shares having a fair value of $2.00 per share in exchange for the net assets of Jim Ltd.
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