I only need part 2 of the question
FONT BUS356 Group assignment Weight of overall mark: 25% Submission: Please email soft copy solutions to your lecturer. Please keep a copy for your own records. On 1 July 2016, Parret Ltd "equir 80% of the share eapital of Squirrel Lid for S264 800. On that date, the statement of financial position of Squirrel Ltd consisted of Share eapital General reserve Asset-revaluation surplus Retained earnings Liabilities 10 000 1500 Cash Inventories S 35 000 70 000 65 000 300 000 e Plant and equipment Accumulated depreciation- plant and equipment (130 000) Trademark Goodwill At i July 2016, all idehtifiable assets and liabilities of Squirrel Ltd were recorded at fair value exeept for: value s 70 000 kDOD 80 000 70000 000 Carrying amoun Inventories Land Plant and equipment (cost S200 000) Trademark ald k5 000 s@ 90ao, 65a00 000 During the year ended 30 June 2017, all inventories on hand at the beginning of the year were sold, and the land was sold on 28 February 2017 to Outback Ltd for $80 000. The t and equipment had a further 5-year life beyond 1 July 2016 and was expected to over that time. The trademark was considered to have an indefinite life be used eren y adjustments for differences at acquisition date between carrying amounts and fai values are made in the consolidation worksheet. Parrot Ltd uses the partial goodwill uto method. The tax rate is assumed to be 30 Financial information for Parrot Ltd and Squirrel Ltd for the year ended 30 June 2017 is shown below. Parrot Ltd Squirrel Ltd S200 000 S172 000 15 000 30 000 275 000 202000 Sales revenue Other income FONT BUS356 Group assignment Weight of overall mark: 25% Submission: Please email soft copy solutions to your lecturer. Please keep a copy for your own records. On 1 July 2016, Parret Ltd "equir 80% of the share eapital of Squirrel Lid for S264 800. On that date, the statement of financial position of Squirrel Ltd consisted of Share eapital General reserve Asset-revaluation surplus Retained earnings Liabilities 10 000 1500 Cash Inventories S 35 000 70 000 65 000 300 000 e Plant and equipment Accumulated depreciation- plant and equipment (130 000) Trademark Goodwill At i July 2016, all idehtifiable assets and liabilities of Squirrel Ltd were recorded at fair value exeept for: value s 70 000 kDOD 80 000 70000 000 Carrying amoun Inventories Land Plant and equipment (cost S200 000) Trademark ald k5 000 s@ 90ao, 65a00 000 During the year ended 30 June 2017, all inventories on hand at the beginning of the year were sold, and the land was sold on 28 February 2017 to Outback Ltd for $80 000. The t and equipment had a further 5-year life beyond 1 July 2016 and was expected to over that time. The trademark was considered to have an indefinite life be used eren y adjustments for differences at acquisition date between carrying amounts and fai values are made in the consolidation worksheet. Parrot Ltd uses the partial goodwill uto method. The tax rate is assumed to be 30 Financial information for Parrot Ltd and Squirrel Ltd for the year ended 30 June 2017 is shown below. Parrot Ltd Squirrel Ltd S200 000 S172 000 15 000 30 000 275 000 202000 Sales revenue Other income
