A B C D E F G H J K L M 10 Sima Ltd purchased all issued shares of Nima Ltd for $788000 on 1 July 2020 when the equity of Nima Ltd was as follows; 11 12 Share capital 315200 13 Retained earnings 236400 14 General reserve 118200 15 At this date, Nima Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings; Account 16 17 Inventories 18 Land 19 Cost Carrying Amount Fair value Further life(Years) $23,600 $26,000 $59,000 $65,000 $73,000 $88,000 Machinery $91,250 Contingent Liability 20 Nima Ltd identified at acquisition date a lawsuit where Nima Ltd was sued by a former supplier with the Fairvalue of: $9,000 Unrecorded Asset 21 Nima Ltd had unrecorded and internally generated Patent with the FairValue of: $24,000 Unrecorded Asset 22 Nima Ltd had unrecorded and internally generated in-process research and development with the FairValue of: $18,000 23 10 24 Tax rate: 30%. Required 25 1.Prepare the acquisition analysis at acquisition date. 26 2.Prepare the business combination valuation entries and the pre-acquisition entry at acquisition date. 27 3.Prepare worksheet adjusting journal entries for the consolidation on 30 June 2021, considering 30% of inventory were sold by 30 June 2021 and no other changes in Nima's equity since the acquisition date. 28 4. If Sima Ltd purchased just 98% of the issued shares of Nima Ltd on 1 July 2020 and partial goodwill method is in use, Prepare the acquisition analysis at acquisition 29 5. Prepare worksheet adjusting journal entries for the consolidation at acquisition date