Accra Ltd is a listed company with a number of subsidiaries located throughout Ghana. Accra Ltd currently appraises investment opportunities using a cost of capital of 25 percent per annum.

On 1 January 2017, Accra Ltd purchased 80 per cent of the 12 million equity shares that constitute the stated capital of Kumasi Ltd for a total cash price of GH60 million. Half price was paid on 1 January 2017; the balance was payable in 1 January 2019. The net identifiable assets that were actually included in the statement of financial position of Kumasi Ltd had a carrying amount totalling GH54 million at 1 January 2017. With the exception of the pension provision and a piece of land, you discover that the fair values of the net identifiable assets of Kumasi Ltd at 1 January 2017 are the same as their carrying amounts.

When performing the fair - value exercise at 1 January 2017, you discover that Kumasi Ltd has a defined- benefit pension scheme that was actuarially value three years ago and found to be in deficit. As a result of that valuation, a provision of GH6 million has been built up in the statement of financial position as at 1 January 2017. The fair - value exercise indicates that on 1 January 2017, the pension scheme was in deficit by GH11 million. A piece of land with a carrying value of GH7 was fair valued at GH8 million.

The market prices per share of Kumasi Ltd at 1^st January 2017 and 31^st December 2017 were GH5.00 and GH5.20 respectively. It is the group policy to fair value non controlling interest at acquisition date.

Assume that todays date is 31 January 2018. You are in the process of preparing the consolidate financial statements of the group for the year ended 31^st December 2017

Required: Calculate the value of goodwill on acquisition of Kumasi Ltd in the consolidate financial statement of Accra Ltd for the year ended 31^st December 2017.