$\backslash$end$\{$tabular$\}$ & & $-$ & & $72,700\backslash$

$\backslash$hline & $ & $2,681,050$ & $ & $1,260,350$ & & $\backslash$

$\backslash$hline $\backslash$multirow$\{5\}\{*\}\{$

$\begin{array}{cc}\text{C}\text{u}\text{r}\text{r}\text{e}\text{n}\text{t}\text{l}\text{i}\text{a}\text{b}\text{i}\text{l}\text{i}\text{t}\text{i}\text{e}\text{s}& \text{L}\text{o}\text{n}\text{g}-\text{t}\text{e}\text{r}\text{m}\text{d}\text{e}\text{b}\text{t}\\ \text{C}\text{o}\text{m}\text{m}\text{o}\text{n}\text{s}\text{h}\text{a}\text{r}\text{e}\text{s}& \text{R}\text{e}\text{t}\text{a}\text{i}\text{n}\text{e}\text{d}\text{e}\text{a}\text{r}\text{n}\text{i}\text{n}\text{g}\text{s}\end{array}\}$ & $ & $1,360,700$ & $ & $252,700$ & & $252,700\backslash$

$\backslash$hline & & $480,700$ & & $360,350$ & & $384,700\backslash$

$\backslash$hline & & $720,700$ & & $168,700$ & & $\backslash$Journal entry worksheet

Record the payment for share acquisition.

Note: Enter debits before credits.

$($b$)$ Prepare a schedule to calculate and allocate the acquisition differential. $($Negative amounts and amounts to be deducted should

be indicated by a minus sign.$)($b$)$ Prepare a schedule to calculate and allocate the acquisition differential. $($Negative amounts and amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[,],[$Cost of $80\%$ of Robin Inc.,,$],[$Implied value of $100\%$ of Robin Inc.,,$],[$Carrying amount of Robin's Inc. net assets,,$],[$Assets$,,],[$Liabilities$,,],[$Acquisition differential,,$],[$Allocated:$,$FV $-$ CA$,],[,,],[,,],[,,],[,,],[,,],[,,],[$Goodwill$,,]]($c$)$ Prepare Ravinder Corp.$\text{'}$s consolidated balance sheet as at August $1,$ Year $3.$ Assume there were no transactions on this date other than the transactions described above. $($Negative amounts should be indicated by a minus sign.$)$

$\backslash$table$[[$RAVINDER CORP.,$],[$Consolidated Balance Sheet,$],[$August $1,$ Year $3,],[$Assets$,],[,],[,],[,],[,],[,],[$Liabilities and Equity,$],[,],[,],[,],[,]]$

$\backslash$hline & & $118,950$ & & $478,600$ & & $\backslash$

$\backslash$hline & $ & $2,681,050$ & $ & $1,260,350$ & & $\backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

In addition to the assets identified above, Ravinder Corp. attributed a value of $$100,700$ to a major research project that Robin Inc. was working on$.$ Robin Inc. feels that it is within a year of developing a prototype for a state$-$of$-$the$-$art bio$-$medical device. If this device can ever be patented, it could be worth hundreds of thousands of dollars.

Effective on August $1,$ Year $3,$ the shareholders of Robin Inc. accepted an offer from Ravinder Corp. to purchase $80\%$ of their common shares for $$1,068,000$ in cash. Ravinder Corp.$\text{'}$s legal fees for investigating and drawing up the share purchase agreement amounted to $$25,350.$

Required:

$($a$)$ Prepare the journal entries in the records of Ravinder Corp. to record the share acquisition and cost of legal fees. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$