P Co increaser ownership interest in S Co from 70% to 85% on 1Jamary20k2. The following infermation pertains to SCo : InvestmentbyPCoFairvalueofNon-coutrollinginterests(NCI)PercentageheldbyPCoNCIpercentageSharecapitalPre-acquisitionretainedearningsUnrecognizedintangibleassetAsatacquisitiondate5,940,00015,400,00021,340,00021,400,00070%30%11,500,0001,800,000500,000Asat01-01-20x285%15% Addinonal infomation: 1. Intangible acset remains umimpaired at current date. 2. Retained eamings of S Co as at 31 December 20xl is $3,600,000. Current income after tax for the year ended 31 December 202 is $1,300,000. Reguired (a) Determine the amounts of the folloning items as at 31 December 20x2 : 1. New goodwill 2. Effect that are taken to the Income Statement i. Re-measurement gain or loss ii. Profit or loss on sale of investment. 3. Equity effects that are not taken to the Income Statement i. Profit or loss arising from changes in ownership ii. Changes in nor-controlling interest (b) Prepare the consolidation adjusting entries for the year ended 31 December 202. P Co increaser ownership interest in S Co from 70% to 85% on 1Jamary20k2. The following infermation pertains to SCo : InvestmentbyPCoFairvalueofNon-coutrollinginterests(NCI)PercentageheldbyPCoNCIpercentageSharecapitalPre-acquisitionretainedearningsUnrecognizedintangibleassetAsatacquisitiondate5,940,00015,400,00021,340,00021,400,00070%30%11,500,0001,800,000500,000Asat01-01-20x285%15% Addinonal infomation: 1. Intangible acset remains umimpaired at current date. 2. Retained eamings of S Co as at 31 December 20xl is $3,600,000. Current income after tax for the year ended 31 December 202 is $1,300,000. Reguired (a) Determine the amounts of the folloning items as at 31 December 20x2 : 1. New goodwill 2. Effect that are taken to the Income Statement i. Re-measurement gain or loss ii. Profit or loss on sale of investment. 3. Equity effects that are not taken to the Income Statement i. Profit or loss arising from changes in ownership ii. Changes in nor-controlling interest (b) Prepare the consolidation adjusting entries for the year ended 31 December 202