Q3 - Conversion (7 marks ) Liddiard Ltd was incorporated on 1 January 2022 to acquire the business of John Swine trading as a going concern, the purchase consideration being paid is 400,000 $1 ordinary shares payable immediately and $150,000 payable on 31 December 2022. Details of the assets and liabilities taken over were as follows: Book Value Fair Value Accounts receivable $20,000 $18,000 Accounts payable $8,000 $8,000 Bank $50,000 $50,000 Inventory $75,000 $72,000 Land & buildings $250,000 $430,000 Motor vehicle $15,000 $10,000 Plant & Equipment $100,000 $75,000 Mortgage on Land & Buildings $150,000 $150,000 You are required to prepare General Journal entries in the books of Liddiard Ltd to record : a) The acquisition of the assets and liabilities of John Swine by Liddiard Ltd at fair value (3 marks ) b) The payment of the purchase consideration to John Swine by Liddiard Ltd as at 30 June 2022 (2 marks ) c) The Statement of financial position as at 30 June 2022 (2 marks) General Journal Date Particulars Dr Cr Balance sheet - use "T" format Liddiard Ltd You are required to prepare General Journal entries in the books of Liddiard Ltd to record : a) The acquisition of the assets and liabilities of John Swine by Liddiard Ltd at fair value (3 marks ) b) The payment of the purchase consideration to John Swine by Liddiard Ltd as at 30 June 2022 (2 marks ) c) The Statement of financial position as at 30 June 2022 (2 marks) General Journal Date Particulars Dr Cr Balance sheet - use "T" format Liddiard Ltd As at June 30, 2022 ASSETS SS LIABILITIES SS