NON-CONTROLLING INTERESTS (12 marks) Blueberry Ltd acquired 80% of the issued shares of Muffin Ltd for $800,000 paid in cash. At the date of acquisition 1 July 2020 , the reported shareholder's equity of Muffin Ltd consisted of share capital $200,000 and retained earnings $390,000 All of the assets and liabilities of Muffin Ltd were stated at fair value other than the following: Additional information: 1. The Land was sold on 2 June 2021 for $352,000. 2. The contingent liabilities were settled on 3 September 2020 for $90,000. 3. The fair value adjustments are recorded on consolidation. The applicable tax rate is 30% 4. On 2 February 2021 Muffin Ltd sold inventory to Blyebery litd for $105,000. The original cost of the inventory was $60,000. Of 30 f June 2021 Blueberry Ltd still had 25% of the inventory on hand. All the remaining invent tory was sold by 30 June 2022. 5. On 2 July 2021, Muffin Ltd sold Land to Blueberry Ltd for $580,000. The land originally cost Muffin Ltd $525,000. Blueberry Ltd sold the land to Rupert Ltd on 28 June 2022 for $600,000 ACQUISTTION ANALYSIS: CONSOLIDATION ADJUSTING ENTRIES: Dr share caysital A. Prepare the NCl memorandum of profit for the Blueberry Ltd group for the year ended 30 June 2022. (5 marks) B. Prepare the NCI memorandum of equity for the Blueberry Ltd group as at 30 June 2022. (7 marks) NON-CONTROLLING INTERESTS (12 marks) Blueberry Ltd acquired 80% of the issued shares of Muffin Ltd for $800,000 paid in cash. At the date of acquisition 1 July 2020 , the reported shareholder's equity of Muffin Ltd consisted of share capital $200,000 and retained earnings $390,000 All of the assets and liabilities of Muffin Ltd were stated at fair value other than the following: Additional information: 1. The Land was sold on 2 June 2021 for $352,000. 2. The contingent liabilities were settled on 3 September 2020 for $90,000. 3. The fair value adjustments are recorded on consolidation. The applicable tax rate is 30% 4. On 2 February 2021 Muffin Ltd sold inventory to Blyebery litd for $105,000. The original cost of the inventory was $60,000. Of 30 f June 2021 Blueberry Ltd still had 25% of the inventory on hand. All the remaining invent tory was sold by 30 June 2022. 5. On 2 July 2021, Muffin Ltd sold Land to Blueberry Ltd for $580,000. The land originally cost Muffin Ltd $525,000. Blueberry Ltd sold the land to Rupert Ltd on 28 June 2022 for $600,000 ACQUISTTION ANALYSIS: CONSOLIDATION ADJUSTING ENTRIES: Dr share caysital A. Prepare the NCl memorandum of profit for the Blueberry Ltd group for the year ended 30 June 2022. (5 marks) B. Prepare the NCI memorandum of equity for the Blueberry Ltd group as at 30 June 2022. (7 marks)