P4.2 Consolidation, Goodwill, And Fair Value Adjustments Prince Ltd Bought 80% Of Silver Ltd On 1 January 20x1 For $230,000 When Silver's Statement Of Financial Position Was As

2. Perform an analytical check on the balance of non-controlling interests as at 30 June 202 and 30 June 203. P4.2 Consolidation, goodwill, and fair value adjustments Prince Ltd bought 80% of Silver Ltd on 1 January 201 for $230,000 when Silver's statement of financial position was as follows: Fixed assets had a remaining useful life of five years as at 1 January 20x1. Goodwill impairment losses on the original goodwill of Silver attributable to parent and non-controlling interests are as follows: (a) 20% of the original goodwill was deemed impaired and written off in 202. (b) 10% of the original goodwill was written off in 203. Fair value of non-controlling interests as at 1 January 201 was $55,000. The financial statements for the year ended 31 December 203 are as follows: page221 Prepare all necessary consolidation adjustments and elimination entries for the year ended 31 December 203. Recognize tax effects at 20%. Prepare the consolidation worksheet for the year ended 31 December 203. Perform an analytical check on the balance of non-controlling interests as at 31 December 203