MP Ltd acquired 80% of TB Ltd for $160 million on 20/09/15. At this time Fair Value

of consideration was:

Share Capital: 75,000,000

Retained Earnings 22,200,000

General Reserves 72,800,000

On 31/3/16, MP Ltd acquired a further 7.5% for $13,000,000.

Required:

a) Prepare journal entries to recognise the acquisition on 20/09/15

b) Determine the total Non-controlling interest on 20/09/15.

c) Journalise the event that occurred on 31/03/16 and the Non-controlling

interest journal for 31/03/16. (