ABC Group is a New Zealand owned company and includes a wholly-owned subsidiary of XYZ. The following are some major transactions that occurred during the financial year 01.01.2019 to 31.12.2019. Record below transactions correctly Transaction 2: ABC acquired 100% of the shares of XYZ on 01.01.2018 at a cost of $125,000. At the date of acquisition, the profit and loss balance of XYZ was 34,000. As at 31.12.2019, ABC's share capital is recorded as $750,000. The statement of financial position for XYZ at the date of acquisition is as follows. XYZ Non-current assets Property Plant and Equipment Investments 160,000 100,000 260,000 Current assets Inventories Trade debtors Current Account ABC 35,000 27,000 25,000 17,000 104,000 364,000 Cash and Cash Equivalent Total current assets Total assets Equity and Liabilities Stated capital Retained earnings 70,000 158,000 228,000 110,000 Non-Current Liabilities Current liabilities Trade creditors Other liabilities Total current liabilities 15,000 11,000 26,000 136,000 364,000 Total liabilities Total equity and liabilities Required: 1. Calculate the goodwill/gain on bargain purchase to be recorded in the consolidation balance sheet 2. What is the amount of share capital to be recorded in the consolidated balance sheet? 3. During the year, ABC sold a newly purchased Property Plant and Equipment (PPE) to XYZ for $72,000 which had the cost of $50,000. The gain on sale of the asset is included in the Retained Earnings of for 2019 in the balance sheet of ABC. For the year 2019, XYZ provided $7,200 depreciation for this PPE. The rate of depreciation of XYZ for PPE is 10% straight-line. Record the adjusting journal entries required for the consolidated financial statements. (Ignore the tax effects)