Details of the acquisition of Prince Ltd by King Ltd are as follows. Acquisition date: 31 December 20X0. Consideration: $250,000 cash Shares acquired: 60% The shareholders' equity of Prince Ltd as at date of acquisition of Prince Ltd comprised: Share capital $60,000 Retained profits $150,000 Reserves $50,000 The fair values of assets and liabilities of Prince Ltd were the same as their book values v exception of a patent which had a fair value of $30,000 and a book value of $10,000 (co $20,000; accumulated amortization $10,000). The patent had a remaining life of 5 years date of acquisition. Consideration: $250,000 cash Shares acquired: 60% The shareholders' equity of Prince Ltd as at date of acquisition of Prince Ltd comprised: Share capital $60,000 Retained profits $150,000 Reserves $50,000 The fair values of assets and liabilities of Prince Ltd were the same as their book values with the exception of a patent which had a fair value of $30,000 and a book value of $10,000 (cost $20,000; accumulated amortization $10,000). The patent had a remaining life of 5 years as at the date of acquisition. The company income tax rate is 30%. The King Ltd Group uses the proportionate interest method to measure non-controlling interest at acquisition date. Required: Provide all necessary consolidation journal entries for the year ending 31 December 20X2.