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Question 2 (18 marks) (Answer all parts to this question) (a) Bond Ltd acquired all the share capital of Moneypenny Ltd on 1 Jan 20X8. At that time, the values of Moneypenny Ltd's net assets were as follows: Recorded by Moneypenny Land 80 000 Plant and equipment 60 000 Vehicles 50 000 Patent nil Accounts receivable 25 000 Accounts payable 45 000 Fair value 90 000 40 000 nil 30 000 20 000 45 000 The share capital of Moneypenny Ltd consisted of 100,000 ordinary shares issued for $1 and fully paid. The cost of acquisition under the takeover scheme consisted of 80c cash plus one share in Bond for every one share in Moneypenny. On January 1 20X8 Bond shares were trading at $1.20 on the ASX. Moneypenny shares had been trading at $1.60. REQUIRED: Calculate amount of goodwill/bargain (if any) for the acquisition (2 marks). Prepare journal entries for the acquisition of the shares in the books of Bond Ltd (4 marks). Answers: Question 2 (18 marks) (Answer all parts to this question) (a) Bond Ltd acquired all the share capital of Moneypenny Ltd on 1 Jan 20X8. At that time, the values of Moneypenny Ltd's net assets were as follows: Recorded by Moneypenny Land 80 000 Plant and equipment 60 000 Vehicles 50 000 Patent nil Accounts receivable 25 000 Accounts payable 45 000 Fair value 90 000 40 000 nil 30 000 20 000 45 000 The share capital of Moneypenny Ltd consisted of 100,000 ordinary shares issued for $1 and fully paid. The cost of acquisition under the takeover scheme consisted of 80c cash plus one share in Bond for every one share in Moneypenny. On January 1 20X8 Bond shares were trading at $1.20 on the ASX. Moneypenny shares had been trading at $1.60. REQUIRED: Calculate amount of goodwill/bargain (if any) for the acquisition (2 marks). Prepare journal entries for the acquisition of the shares in the books of Bond Ltd (4 marks). Answers