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 General Reserve Retained Earnings $ 52,000,000 $ 20,000,000 $ 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. (6.5 marks) Elimination of Investment in Amazon Ltd Amazon Ltd (S) $,000 Nile Ltd |(70% of Amazon) (P) $,000 30% NCI $,000 52,000 20,000 Fair Value of consideration transferred Less: FV of identifiable assets acquired & liabilities assumed Share capital on acquisition date General reserve-acquisition date Retained earnings-acquisition date Fair value adjustment Goodwill on acquisition Non-controlling interest 10,000