Dets 2 million. The following financial statements Computer Punch Lland Microchips ave been extracted the time of Camp Microchip Patched Revisie of ping and will (5000) ri Sales T1 540 les Cost of goods sold Gros Pull 30723 Dividende mived from Michied Management free from Microchet Gain on sale of plast 35 40 141 COLD 2015 SIS 144 1194 LOS 7500 8503 Depreciation Management fee expene Other expenses Portas Tex expense Retained caring-2019 Dividend paid Renderings - 30 June Statement official pri Shurholder Retained caring Share capital Car Acompte 7570 1.150 25.99 Curres 13.10 2995 0579) 3558 Accumulated depreciation lavestment in Microchips End At the time of acquisition the equity of Michi Retained All treaty During the 2019 20 financial year Computerach addity Microchips Led for $950,000. The inventory Compadece At you and 25% Required Provide the consolidation climatice Part B (marul difficulties or late the company has delated with its bank Clythe husk hased the power in the remote company's activities closely in order to obtain repayment of die Themen win the bank's what fee any expendite over 1000 din po the company e permitted with the banksappal Required Be whether by which 2055 615 144 3194 4634 143 422 1008 326.00 7570 Profit before tax Tax expense Profit for the year Retained carings - 30 June 2019 Dividends paid Retained earnings - 30 June 2030 Statement of financial position Shareholders equity Retained carnings Share capital Current liabilities Accounts payable Noe current liabilities 1.350 7570 1.500 95.7 Loans 81775 116 59.4 48.10 Currenlasse Accounts receivable Inventory Nor-current Land Plantat cost Accumulated depreciation Investment in Microchips Led 224 299.85 (85.75) 355 (1385) 2589.50 2.420.10 At the time of acquisition, the equity accounts of Microchips were: Share capital 1,500,000 Retained earnings 750,000 All assets are fairly stated During the 2019/20 financial year Computer Patch Lad sells inventory to Microchips Led for $250,000. The inventory cost Computer Patch $200,000 to produce. At year end 25% of the inventory was still on hand with Microchips Led Required Provide the consolidation elimination joumals at 30 June 2020. Part B (6 marks) Satellite Ltd is a company that is hurt by COVID-19 crisis and experiencing major trading difficulties. Of late the company has defaulted on its loan with its bank Consequently, the bank has used the powers in the loan agreement to monitor the company's activities closely in order to obtain repayment of its debt. The company must now obtain the bank's authorisation for any expenditure over $10000 and no changes in operations of the company are permitted without the bank's approval Required: Evaluate whether control exists and if so by which party Part (2 marks) What is meant by the term "non-controlling interest' (NCT) and is it entitled to share of the subsidiary que Dets 2 million. The following financial statements Computer Punch Lland Microchips ave been extracted the time of Camp Microchip Patched Revisie of ping and will (5000) ri Sales T1 540 les Cost of goods sold Gros Pull 30723 Dividende mived from Michied Management free from Microchet Gain on sale of plast 35 40 141 COLD 2015 SIS 144 1194 LOS 7500 8503 Depreciation Management fee expene Other expenses Portas Tex expense Retained caring-2019 Dividend paid Renderings - 30 June Statement official pri Shurholder Retained caring Share capital Car Acompte 7570 1.150 25.99 Curres 13.10 2995 0579) 3558 Accumulated depreciation lavestment in Microchips End At the time of acquisition the equity of Michi Retained All treaty During the 2019 20 financial year Computerach addity Microchips Led for $950,000. The inventory Compadece At you and 25% Required Provide the consolidation climatice Part B (marul difficulties or late the company has delated with its bank Clythe husk hased the power in the remote company's activities closely in order to obtain repayment of die Themen win the bank's what fee any expendite over 1000 din po the company e permitted with the banksappal Required Be whether by which 2055 615 144 3194 4634 143 422 1008 326.00 7570 Profit before tax Tax expense Profit for the year Retained carings - 30 June 2019 Dividends paid Retained earnings - 30 June 2030 Statement of financial position Shareholders equity Retained carnings Share capital Current liabilities Accounts payable Noe current liabilities 1.350 7570 1.500 95.7 Loans 81775 116 59.4 48.10 Currenlasse Accounts receivable Inventory Nor-current Land Plantat cost Accumulated depreciation Investment in Microchips Led 224 299.85 (85.75) 355 (1385) 2589.50 2.420.10 At the time of acquisition, the equity accounts of Microchips were: Share capital 1,500,000 Retained earnings 750,000 All assets are fairly stated During the 2019/20 financial year Computer Patch Lad sells inventory to Microchips Led for $250,000. The inventory cost Computer Patch $200,000 to produce. At year end 25% of the inventory was still on hand with Microchips Led Required Provide the consolidation elimination joumals at 30 June 2020. Part B (6 marks) Satellite Ltd is a company that is hurt by COVID-19 crisis and experiencing major trading difficulties. Of late the company has defaulted on its loan with its bank Consequently, the bank has used the powers in the loan agreement to monitor the company's activities closely in order to obtain repayment of its debt. The company must now obtain the bank's authorisation for any expenditure over $10000 and no changes in operations of the company are permitted without the bank's approval Required: Evaluate whether control exists and if so by which party Part (2 marks) What is meant by the term "non-controlling interest' (NCT) and is it entitled to share of the subsidiary que