Other information: - Light elected to measure the non-controlling interest at its proportionate share of Bulb's identifiable net assets at the acquisition date (partial goodwill method). - Light is not a share dealer for income tax purposes. - All companies in the Light Ltd Group have a 28 February financial year end. - Assume an Income Tax rate of 28% in all financial years and that 80% of capital gains are included in taxable income in all financial years, at the time gains are realised. - Ignore the effects of Dividend Tax and Value Added Tax (VAT). REQUIRED: Prepare all the pro forma general journal entries to account for Bulb Ltd in the Consolidated Financial Statements of the Light Ltd Group for the financial year ended 28 February 2023. Dates and narrations are not required. Show and reference all your workings and calculations clearly. Round all amounts to the nearest Rand. The symbol '?' in the abridged trial balances indicates amounts that must be calculated in order to prepare the pro forma journals (i.e. the amounts were not given). Be clear, where applicable, regarding which entity the entries are referring to i.e., put the name of the entity in brackets after the account description. Also, be clear regarding which financial statement the pro forma general journal entry is referring to by writing it in brackets after the account description e.g. Deferred tax (Bulb Ltd) (SFP). (40 marks) Notes: 1. Acquisition of Bulb's ordinary shares On 1 March 2021, Light purchased 80000 shares ( 80% shareholding) in Bulb for R500 000 and thereby obtained control over Bulb on this date. The net assets and liabilities of Bulb were considered to be fairly valued on the acquisition date except for land which had a carrying value of R200 000 and a fair value of R275 000 on 1 March 2021. Bulb's equity comprised of the following balances on the acquisition date, 1 March 2021: 2. Revaluation of land Subsequently, Bulb revalued its land in its own financial records as follows: 3. Preference shares On 1 March 2022, Bulb issued 6000 non-redeemable, cumulative preference shares at R25 per share with a dividend rate of 20%. The preference shareholders have the right to receive their preference dividends before the payment of any ordinary dividends. Preference shareholders also have the right to receive a proportionate share of Bulb's net assets should the entity become liquidated. Light acquired 40% of these preference shares on 1 March 2022. There were no further issues of preference shares by Bulb during the 2023 financial year