On 1 August 20X7, Major Ltd paid 1.50 per share to acquire 40,000 of the 1 ordinary shares for Minor Ltd and has control over the investee. At this date, the share capital and reserves of Minor Ltd were: 1 ordinary share capital Retained earnings Total 50,000 16,250 66,250 The Statements of financial positions for the two companies at 31 July 20X8 were as follows: Statements of Financial position at 31 July 20X8 ASSETS Major Ltd Minor Ltd Non-current assets Property, plant and equipment 150,000 82,000 Investment in Minor Ltd 60,000 Goodwill Current assets Total assets 210,000 82,000 195,000 92,250 405,000 174,250 EQUITY AND LIABILITIES Equity Ordinary share capital 250,000 50,000 Retained earnings pre-acquisition 16,250 Retained earnings post acquisition 32,000 20,000 Revaluation reserve 10,000 282,000 96,250 Current liabilities Total equity and liabilities 123,000 78,000 405.000 174.250 Following an impairment review on 31 July 20X8, it was found that goodwill had suffered an impairment loss of 50% since the acquisition of Minor Ltd. a) Calculate the goodwill that was paid by Major Ltd on the acquisition of Minor Ltd. [10 marks] b) Prepare the consolidated statement of financial position for Major Ltd at 31 July 20X8. [30 marks] c) Explain the difference between the terms control and joint control in accordance with IFRS 10, Consolidated Financial Statements. [10 marks] [Total 50 marks]