17. Upon consolidation, the journal entry to account for the elimination of the investment upon consolidation will be? Ca Dr Investment, Cr Profit and Loss cb. Dr Share Capital, Cr Investment Dr Goodwill, Cr Investment cd. Dr Investment, Cr Share Capital None of the above 18. The Following scenario relates to question 18-20 On 1 January 2019. Dickson had limited acquired 80% of Sherry's two million NSI ordinary shares. At this date, Sherry had retained camnings of NS 4 million and a revaluation surplus of NS 2 million. Dickson Limited had retained earnings of NS 10 million and a revaluation surplus of NS 5 million. The fair value of Sherry's net assets at acquisition were equal to their carrying amounts with the exception of Sherry's property which had a fair value of NS 800 000 in excess of its carrying amount and a remaining life of 20 years. At 31 December 2019, Dickson and Sherry both revalued their assets, Dicksons assets increased by a further NS 2million while Sherry's increased by NS 500 000. At this date, Dicksons retained camnings were NS 11 million and Sherry's were NS 3.5 million. Required What will the consolidated retained earnings be at 31 December 2019? 1. What will the consolidated retained camnings be at 31 December 2019? Answer: 19. Identify whether or not the following should be recognised as assets in the consolidated financial statements of Dickson. Dicksons brand name which was internally generated so not shown in Dicksons Financial statements but has a fair value of NS 3 million Ca. Recognised C. Not to be recognised Cc To be disclosed 20. An intangible asset related to an encryption process, which has now been deemed illegal. This is included within intangibles at NS 1.5 million. ca Recognised b. Not to be recognised