Big Limited acquired the net assets and contingent liabilities of Wheel Limited for a purchase consideration of $300 000. Wheel Limited's net assets and contingent liabilities at fair value were: Total assets $420 000; Total liabilities $150 000; Contingent liabilities $50 000. The amount of goodwill to be recognised by Wheel Limited when recording the business combination is:

Select one:

a.$220 000

b.$30 000

c.$130 000

d.$200 000

e.$80 000

On the 3" "of June the court ordered the winding up of Lever Lid. At that date Lever Lid owned land that had a carrying amount of $125,000 and an Estimated Realisable Value of $150,000. During the winding up the land realised $140,000. When the liquidator recorded the realisation of the asset, the journal entry would be: Select one: O a. Cash Dr 150 000 Liquidation Cr 150 000 O Liquidation Dr 140 000 Retained earnings Cr 140 000 O C Liquidation Dr 125 000 Land Cr 125 000 O d. Liquidation Dr 140 000 Land Cr 140 000 O e Cash Dr 140 000 Liquidation Cr 140 000Levi Led owns 809% of the shares of Pump Lid. In the current financial year, Pump Lid paid a dividend of $10 000. Which of the following entries correctly reflects the NCI adjustment? Select one: O a. Dividend revenue Dr 10 000 Dividend paid Cr 10 000 O b. Dividend Paid Dr 2 000 NCI Cr 2 000 O C. NCI Dr 8 000 Dividend Paid Cr 8 000 O d. NCI Dr 2 000 Dividend Paid Cr 2 000 O e . Dividend revenue Dr 8 000 Dividend paid Cr 8 000During the year ended 30 June 20X7, a parent entity rents a warehouse from a subsidiary entity for $100 000. The company tax rate is 3090. The consolidation adjustment entry needed at reporting date is: Select one: O a. Rent expense Dr 70 000 Rent revenue Cr 70 000 O b. Rent revenue Dr 100 000 Rent expense Cr 100 000 O Rent revenue Dr 100 000 Rent expense Cr 100 000 Income tax expense Dr 30 000 Deferred tax liability Cr 30 000 O d. Rent expense Dr 100 000 Rent revenue Cr 100 000 O e . Rent revenue Dr 100 000 Rent expense Cr 100 000 Deferred tax asset Dr 30 000 Income tax expense Cr 30 000