On 1 July 2013, Regent Ltd acquired 60% of share capital of Prince Ltd for $20,000,000. Equity of Prince Ltd at acquisition date was: Share capital $18,000,000 General reserve $ 4,000,000 Retained earnings $ 2,000,000 All assets of Prince Ltd were recorded at fair value on acquisition except for an item of machinery that had a higher fair value ($500,000) that its carrying amount. Cost of equipment was $5,000,000 with an accumulated depreciation of $3,000,000. a) Complete the worksheet below using the NET method. (5 marks) b) Prepare the consolidation adjustments and elimination entries and to recognise the NCI in the Pre-acquisition equity of Prince Ltd. (5 marks) Elimination of Investment in Prince Ltd Prince Ltd ($) 000 Regent Ltd (60% of Prince) ($) 000 40% NCI ($) 000 Fair value of consideration transferred Less: FV of identifiable assets acquired & liabilities assumed Share capital on acquisition date 18,000,000 General reserve on acquisition date 4,000,000 Retained earnings on acquisition date 2,000,000 Fair value adjustment Goodwill on acquisition Non-Controlling interest