27.8 (Modified) Layne Ltd acquired 100 per cent of the share capital of Beachly Ltd on 1 July 2018 for a cost of $500 000. As at the date of acquisition all assets of Beachly Ltd were fairly valued, other than land that had a carrying amount $50 000 less than its fair value. The recorded balances of equity in Beachly Ltd as at 1 July 2018 were: Aup $ 350 000 Share capital Retained earnings 100 000 450 000 TMore tuses Required (a) Compute the amount of goodwill at the date of acquisition. (b) Give the consolidation entry or entries required immediately following the acquisition to prepare a consolidated balance sheet