Cherry Ltd purchased 100% of the shares of Durian Ltd on 1 July 2018 for $155,000. At that date the equity of Durian Ltd was as follows:

Share capital 60,000 shares	$ 60,000
General reserve	36,000
Retained earnings	21,000

At acquisition date, all the identifiable assets and liabilities of Durian Ltd were recorded at amounts equal to fair value except for:

	Carrying amount	Fair value
Machinery (cost = $17,000)	$15,000	$16,000
Equipment (cost = $30,000)	24,000	32,000
Inventory	50,000	57,000
Land	18,480	24,480

The tax rate is 30%

Additional information relating to the acquisition:

1. The machinery, which had a further 5-year life on acquisition date, was sold on 1 January 2021.
2. The equipment was estimated to have a further 8-year life.
3. The inventory held by Durian Ltd at 1 July 2018 were sold by 31 December 2018.
4. The land on hand was sold by 1 March 2020.
5. On 30 June 2021, half of the goodwill was written off as a result of an impairment test.
6. Valuation adjustments are made on consolidation.

Determine the goodwill as at acquisition date. (3 marks) and Prepare the consolidation journal entries immediately after acquisition on 1 July 2018. (5 marks)