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Thomas Ltd purchased from Edison Ltd the following parcel of assets and liabilities representing a business. In exchange for these assets and liabilities, Thomas Utd issued 20000 shares, and the fair value of each share at the acquisition date is $3.00. After the transaction, Edison Ltd continued in business otherwise unatfected. Additional information: Edison Ltd had not recorded a legal daim as a liability due to the uncerta inty of an outcome. Thomas Ltd estimated the fair value of this contingent liability to be $30000. Required: a) Prepare ail the necessary joumal entries to record the acquisition. b) If the parcel of assets and liabilities does not represent a business, list any accounts that would be recorded in a) but should not be recognized anymare in Thomas Ut's record. Explain the reason. Note: 1) Use the provided joumal entry template for your response. 2) Workings/calculations or narrations are NOT required. 3) While the template prowides sufficient space, if you encounter formatting issues or lack space, you can record your journal entries below the tampiate Make wie to indicate whether it's a Debit (ORe or Crodit (CR) entry