Bogue Limited acquired control of Cornwall Industries Limited (CIL) by offering 2 shares in Bogue Limited for every 3 shares held in CIL, Bogue Limited acquired 5,400,000 shares in CIL and at that date each share in Bogue Limited had a market value of $6.30. An additional sum of $4,600,000 was to be paid three years from now (the relevant discount rate is 9%). The identifiable assets and liabilities of Cornwall Industries Limited were: Assets Property, Plant and Equipment Inventory & Receivables Trade Payables Land Bank overdraft Loans Value $ 7,000,000 2,000,000 6,000,000 22,000,000 1,100,000 4,200,000 Required: (6 marks) a) Calculate the goodwill acquired by Bogue Limited