On 1 January 2023, Investor Ltd paid $7,450 for a 30% interest in Associate Ltd when the equity of Associate Ltd consisted of $7,500 share capital and $11,250 retained earnings. There has been no change in the share capital of Associate Ltd since then. Both companies' accounting period is from 1 January to 31 December. On 1 January 2023, all the identifiable assets and liabilities of Associate Ltd were recorded at fair value except for: The inventory was all sold by 31Dec2023. The plant had a further expected useful life of 10 years. Additional information: 1. Associate Ltd has no dividend declared or paid during 2023. 2. Associate Ltd's financial statements show that profit was $5,200 for the year 2023 . 3. On 1 January 2023, Investor Ltd sold a non-current asset costing $8,000 to Associate Ltd for $10,000. Associate Ltd applied a straight-line 20\% per annum on cost for its depreciation. 4. Ignore the deferred tax implications. Requirements: a. Calculate the amount of goodwill/excess arising from investment in Associate Ltd. (5 marks) b. Apply equity method and prepare the related journal entry to record "Investment in Associate" on 31 December 2023. (8 marks) c. Prepare journal entries to adjust the inter-entity transactions that happened between Investor Ltd and Associate Ltd. (4 marks) d. Determine the balance of "Investment in Associate" as of 31 December 2023