Question 1: Business combinations [35 marks ) Restless Ltd a supplier or stationary items agreed to _cquire the bus new or a r_val company I foang Ltd, tatdng oeer ad identifia'tJe -_sse-.s \"no ligbilities as a. 1J111y 2021 with the exception of t..e cash and accnunts payable The consideration was payable by the issue of 111,000 shares in Restless Ltd for each share issued in Young Ltd. Restless shares had a fair value of $4.50 FaLh and Young Ltd ShlIES had a fair vzlue of $2 each. in addition, Restless Ltd transferred the share portfolio to Young Ltd. 1112 share portfolio had a fair value as at 1 July '021 of bJSUU . The tl'i balances of the two companies as at '1 July 20 :l were as follows . Young Ltd Share capital (Issued shares : Restless l0U,UUU shares, Young 20,000 shares J Accounts payable Mortgage loan Cash Equipment (cost ] Accumulated Depreciation Inventory L a n d Share portfolio 30,000 Go odwl 20,000 1 1 1,000 171,000 212,000 All the identifiable net assets of Young Ltd were recorded by Young Ltd at fair value except for the equipment, which had a fair value of $801000 (assume no tax effect}. The equipment had an expected remaining life of 5 years . The business combination was completed and Young Ltd went into liquidation. Restless Ltd incurred incidental costs of $9110 in relation to the acquisition. Costs of issuing shares in Restless Ltd were $600 with an additional $1,000 paid to a share brokerage firm. Required 1. Calculate the goodwill {gain on bargain purchase , show your workings