​​​ Federation Ltd acquired the net assets of an existing business Nigeria Pty Ltd on 1 July 2015. The statement of financial position of Federation Ltd immediately prior to the acquisition is as shown below: Federation Ltd Statement of Financial Position as at 1 July 2015Assets Cash at bank 40,000Accounts Receivable 95,000Inventory 110,000Shares in Wesfarmer's Ltd 80,000Plant and Equipment (net) 550,000Land and Buildings (net) 650,000Total Assets 1,525,000LiabilitiesAccounts Payable 220,000Provisions 80,000Bank Loans 200,000Total Liabilities 500,000Shareholder's EquityIssued Capital 900,000Retained Earnings 125,000Total Shareholder's Equity 1,025,000 1,525,000 The identifiable net assets of Nigeria Pty Ltd acquired by FederationLtd , valued at fair value at date of acquisition comprise the following:Assets acquired:Accounts Receivable 20,000Inventory 60,000Motor Vehicles 50,000Plant and Equipment 150,000 Land and Buildings 300,000Liabilities assumed:Accounts Payable 105,000Bank Loan 100,000In addition Nigeria Pty Ltd has unrecorded contingent liabilities estimated at $65,000The terms of the acquisition are as follows:- Cash consideration of $120,000 to be paid to Nigeria Pty Ltd on 30 June 2016. This amount is to be raised by a bank loan (Federation Ltd's incremental borrowing rate is 8%)- The shares in Wesfarmers held by Federation Ltd which have a fair market value of $90,000 at 1 July 2015 are to be transferred to Nigeria Ltd.- Federation Ltd is to issue 50,000 shares to Nigeria Pty Ltd . At 1 July 2015 Federation Ltd's shares are trading at $4 per share.- Federation Ltd incurred legal expenses of $10,000 and share issue costs of $4,000 in connection with the acquisition- Under the terms of the acquisition Federation Ltd is required to issue further shares to Nigeria Pty Ltd if the value of Federation Ltd's shares fall below $4 per share by 30 June 2016. It is estimated that there is a 20% likelihood that the share price will fall to $3.50 by 30 June 2016. Required:Prepare the journal entries in the books of Federation Ltd to record the acquisition of Nigeria Pty Ltd and aTrail balance with entries then a statement of financial position for Federation Ltd immediately after the acquisition. Example for trail balance with adjusted Trail balanceitems amount AdjustedDr Adjusted Cr Trail balance adjusted