On 1st July, 2018 Nile Ltd acquired 70% of the share capital of Amazon Ltd for $80,000,000. The equity of Amazon Ltd as at the acquisition date was: Share Capital $ 52,000,000 General Reserve $ 20,000,000 Retained Earnings $ 10,000,000 All assets of Amazon Ltd were recorded at fair value on acquisition, except for one property which had a fair value which was $2,000,000 lower than its' carrying amount. The cost of the property was $20,000,000 with accumulated depreciation of $12,000,000. Ignore Taxes. Required: (a) Complete the worksheet below using the NET method. (4.5 marks) (b) Prepare the consolidation adjustments and eliminations entries and recognise the NCI in the pre-acquisition equity of Amazon Ltd, assuming that the NCI was measured at the proportionate share of the acquiree's identifiable net assets.

Elimination of Investment in Amazon Ltd

Amazon Ltd (S) $,000

Nile Ltd (70% of Amazon) (P) $,000 30%

NCI $,000

Fair Value of consideration transferred

Less: FV of identifiable assets acquired & liabilities assumed

Share capital on acquisition date 52,000 (amazon ltd)

General reserve-acquisition date 20,000(amazon ltd)

Retained earnings-acquisition date 10,000 (amazon ltd)

Fair value adjustment

Goodwill on acquisition

Non-controlling interest