A&C purchased 80% of the voting capital of Steve Co on 1 July 20X8. The consideration consider of cash of $12 per share and the issue of one new share in A&C for every four acquired in Steve. A&C's shares have a fair value of $3.5 and a nominal value of $1.00. The fair value of the non controlling interest at the acquisition date was $25,000 The statements of financial position as at 1 July 20X8 were follows: A&C $'000 200 65 79 18 362 50 25 106 108 62 120 362 PPE Inventory Receivable Cash Share capital ($1 shares) Share premium Retained earning Payables Bank loan Steve $'000 125 55 48 2 230 10 8 75 93 52 85 230 abilition were equal to their fair value with the expection of The carrying amounts of all assets at liabilities were equal to their fair value with the expection of land included in the property, plant and equipment balance which had a carrying value of $50,000 and a fair value of $75,000 at the acquisition date. Included in the receivables of A&C and payables of Steve is $20,000 from intercompany sales and purchases. The inventory of Steve includes $10,000 of goods purchased from A&C at mark up 25% Requirement 1: Complete the calculation for goodwill on acquisition $ Consideration Non-controlling interest Net assets acquisition Cash Share Share capital Share premium Retained earnings 101 Neo Nhu Vnh PhD, FCCA, CPA, SIRM 0978846788 ngovinhacca Semail con Goodwill Requirement 2: Using the above information as well as the information previously provided, prepare the following extracts from the consolidated statement of financial position for A&C Co group as at 31 December 20X8: PPE Inventory Receivable Payables $'000