i need quick answer for this assignment. see question in attachment.

Question 1 Nick Ltd acquired 100% of the issued capital of Wing Ltd on 1 July 2011 for $270000. The statements of financial position of the companies immediately after the acquisition are provided below. All assets have been reported following fair value. Statement of Financial Position For the year ended 1 July 2011 Nick Ltd $ Shareholders' equity Share capital General reserve Retained earnings Total shareholders' equity 450,000 Wing Ltd $ 180,000 45,000 25,000 Non-current assets Investment in Wing Ltd Land Plant & Equipment Total assets Liabilities Current liabilities Accounts Payable Interest Payable Non-current liabilities Bank loan Total liabilities Net assets 20,000 225,000 50,000 20,000 100,000 170,000 30,000 10,000 25,000 65,000 270,000 250,000 100,000 ---200,000 80,000 620,000 Assets Current assets Cash at Bank Accounts Receivable Inventory 140,000 635,000 280,000 790,000 345,000 40,000 15,000 55,000 10,000 8,000 18,000 100,000 155,000 635,000 102,000 120,000 225,000 Required 1. Calculate Goodwill (show workings) 2. Prepare consolidation journal entry at the date of acquisition