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Question Hamburger Ltd. acquired 70% of the ordinary shares of Salt Ltd on 1 January 2018 with consideration transferred of $21 million. On the same date, Hamburger also acquired 40% of the preference shares issued by Salt Ltd by cash consideration of $200,000. Upon checking the previous year's statements, the retained earnings of Salt Ltd as at 1 January 2018 was $634,000. There were no issuance of new shares since acquisition date. . Salt Ltd's partial goodwill has been impaired by $462,000 for the year 2019. There was no impai$ent recorded in the previous year. . On 1 January 2019, Hamburger acquired 80% of the ordinary shares of Sherry Ltd with the following consideration: $2 million Cash payment on 1 January 2019 Horus ordinary shares valued at Additional cash payment payable on 1 January 2020 $5 million $3.3 million (Cost of capital is given as 10% per annum.) Hamburger also acquired 50% of the preference shares issued by Sherry Ltd on 1 January 2019 with cash consideration of $150,000. On 1 April 2019, Hamburger acquired 20% of Waffle Ltd ordinary shares with cash payment of $1.5 million. . There were no issuance of new shares for all the companies since 1 January 2018. The following financial statements were extracted from the company's records. Statements of Financial Position as at 31 December 2019: Hambur Salt Ltd $'000 Sherry Ltd $'000 Waffle Ltd $'000 ger $'000 21,000 Investment: Ordinary shares of Salt Ltd Preference shares of Salt Ltd Non-current assets: Land 200 3,887 2,114 25,916 15,400 2,700 3,100 1,950 11,207 9,009 1,860 2,136 1,269 6,463 3,224 1,863 988 866 872 841 654 Building Plant Machinery Equipment Current assets: 10% Loan to Sherry Ltd Inventory Current account Trade receivables 250 2,356 1,335 853 3,010 780 3,650 2,669 1,154 871 Bank 688 711 100 4,210 81,916 Total assets 31,444 16,579 10,217 58,850 20,000 10,000 8,000 Ordinary shares 5% Cum Preference shares 6% Preference shares 3,000 500 8% Preference shares 300 Revaluation reserve 5,000 1,800 600 8,665 3,000 3,699 200 2,035 594 800 250 Retained earnings 7% Debentures 10% Loan from Salt Ltd Current account Trade payables Other payables 575 195 2,806 1,896 897 4,235 1,366 664 103 126 Total equities and liabilities 81,916 31,444 16,579 10,217 Additional Information 1. From the available records of the companies, you extracted the following fair value adjustments which have not been adjusted in the books. The group uses revaluation model to prepare its accounts: As at 1 January 2018 Hamburger ($) Salt Ltd ($) Sherry Ltd ($) Waffle Ltd ($) 200,000 Plant Useful life 8 years Machinery Useful life 100,000 5 years Land 500,000 300,000 As at 31 Dec 2019 Land 400,000 150,000 2. For year ended 2018, Salt Ltd sold equipment to Hamburger with the profit of $50,000. Useful life of this asset is estimated to be 5 years. Full year depreciation is charged in the year of acquisition and none in the year of disposal. 3. During the year, Sherry Ltd sold inventories with the invoice value of $800,000 to Hamburger at cost plus 25%. 20% of the ending inventory in Hamburger were inventories purchased from Sherry Ltd. 4. Sherry Ltd also sold inventories to Salt Ltd at the invoice price of $4,712,000 at cost plus 25%. 80% of these inventories have been sold off to third parties. Salt Ltd has paid for 50% the invoice balance but the payment was only received after 31 December 2019. 5. For year ended 2019, Waffle Ltd sold inventories to Hamburger at cost plus 25%, the invoice value was $100,000 and 50% of these inventories have been sold off. 6. Sherry Ltd has not accrued its loan interest expense for the full year and Salt Ltd has not recognised the interest income in its books. 7. The group uses straight line depreciation and partial goodwill to prepare its accounts. 8. Difference in current account is due to inventory in transit. 9. to be adjusted in All depreciation expenses and goodwill impairment are administration expenses. Required: (a) Determine the GOODWILL of all the investments