On 1 July 2017 White Ltd acquired all the issued capital of Black Ltd for a cash payment of $750,000 when the equity of Black Ltd was Share capital $480,000 Retained earnings $ 50,000 At 1 July 2017, all assets of Black Ltd were fairly valued, with the exception of an item of plant, with a carrying amount of $330,000, but a fair value of $390,000. The plant was initially acquired by Black Ltd on 1 July 2013 for $550,000 when it had an estimated useful life of 10 years, with no residual value. Tax rate is 30%. Reporting date is 30 June. White Ltd also has shareholdings in other companies. Required: i. Prepare an acquisition analysis and determine the amount of goodwill or gain on bargain purchase at acquisition (Show all workings) (3 marks) ii. Prepare the acquisition elimination journal entries for consolidation as at 30 June 2020. (Narrations are required) (10 marks) 120 June 2020 intra-group sales of inventory between White Ltd and Black Ltd were $55.000.