Financial Reporting Advice (50 Marks) Following are five independent, unrelated sets of financial reporting cases: Scenario 1: On January 1, 2020, Smile Co, a company that adopts IFRS, acquired 100% of Mars Co. Smile Co issued 100,000 shares of its BD10 ordinary shares, with a market price of BD15 on the date the acquisition was announced and BD25 on the date the acquisition was completed, for all of Mars Co ordinary shares. The fair value of Mars Co's assets and liabilities equaled their respective carrying amounts except for land, which had a fair value that exceeded its book value by BD200,00. The fair value of Mars Co's identifiable intangibles is BD100,000, which will be amortized over a useful life of eight years. For the year ended December 31, 2020, Mars Co reported a net income of BD350,000 and paid cash dividends of BD150,000. The shareholders' equity section of each company's statement of financial position as of December 31, 2020, was: Smile Co 5,000,000 L,000,000 3,000,0000 BD9,000,000 Mars Co 1,000,000 400,000 500,000 BD1,900,000 Ordinary shares Share premium Retained earnings