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Question 3 Not yet saved Marked out of 3.00 Flag question On 1 July 2020, Thomas Ltd acquired a parcel of assets and liabilities comprising a business directly from Edison Ltd. The assets and liabilities at 1 July 2020 were as follows: Inventory Equipment Accounts payable Carrying amount (S) Fair value (S) 77 ooo 135 ooo 2 ooo 96 500 210 ooo 2 ooo For this acquisition, Thomas Ltd issued 70,000 shares, the fair value of which at the acquisition date was $3.80 each. Additional information: Edison Ltd had not recorded an internally developed patent. Thomas Ltd estimated the fair value of this patent to be $18,000. Required: Prepare the journal entry in the records of Thomas Ltd to account for the above acquisition. (3 marks) Reminder: Please label Dr and Cr sides clearly (otherwise no marks). No marks will be awarded for workings/calculations. Narration is not required for the entry. Please do not create unnecessary space in your answer, as there is a 20- line limit in the answer space.