9:09 AM M 4G statul 76 Question 2 (7 marks) XYZ Ltd acquires 100 per cent of Red-X Ltd on 1 July 2021. XYZ Ltd pays the shareholders of Red-X Ltd the following consideration: Cash 70 000 Plant and fair value $250 000; carrying amount equipment in the books of ABC Ltd $170 000 Land fair value $300 000; carrying amount in the books of ABC Ltd $200 000 There are also legal fees of $190 000 involved in acquiring Red-X Ltd. On 1 July 2021 Red-X Ltd's statement of financial position shows total assets of $300 000 and liabilities of $3000 000. The fair value of the assets is $800 000. Required: Has any goodwill been acquired and, if so, how much? And discuss the potential for including associated legal fees into the cost of acquiring Red-X using appropriate accounting standard