12.3 Worksheet entries with fair value adjustments and NCI steps partial goodwill method - L03 On 1 July 2020, John Ltd acquired 75% of the issued shares of Julian Ltd for $165 000. At this date. the equity of Julian Ltd consisted of: Share capital Retained earnings Total equity $ 80000 40 000 120000 At acquisition date, all the identifiable assets and liabilities of Julian Ltd were recorded at amounts equal to fair value except for plant that had a carrying amount of $20000 but a fair value of $40 000. The plant had a remaining life of 5 years. After acquisition, the equity of Julian Ltd changed as follows: 30 June 2021 30 June 2022 Retained earnings (op.) Profit after tax $ 40000 24000 $ 48000 Dividend paid (16000) 30 000 (10000) Retained earnings (cl.) 48 000 68 000 Share capital 80000 80 000 Total equity $128 000 $148000 John Ltd adopts the partial goodwill method. Required Prepare the worksheet entries needed to produce the consoli- dated financial statements for: (i) date of acquisition 1 July 2020 (ii) one year after acquisition-30 June 2021 (iii) two years after acquisition-30 June 2022. 12 4 W