Pizza Co acquired an 80% interest in Salad Co on 1 January 2021. The following transactions arose on or just prior to the acquisition date. a. Issue Pizza Co's shares to Salad Co's existing owners The fair value of Pizza Co's shares (including the effects of the acquisition) b. Immediate cash payment c. Deferred cash payment in three years (on 1 January 2024) Pizza Co's effective interest rate per annum Salad Co reported the following Statement of Financial Position on 1 January 2021. Book Value Fair Value a. b. C. Assets and (Liabilities) Right-of-use Asset, net Accounts Receivable Other Identifiable Assets Identifiable Liabilities Equity Share Capital Retained Earnings $ 350,000 80,000 60,000 (90,000) $ 400,000 100,000 300,000 $ 400,000 110,000 $2 per share $180,000 $109,273 3% $ 400,000 55,000 60,000 (90,000) $ 425,000 Additional information: 1. The fair value of non-controlling interests in Salad Co at the acquisition date is $100,000. 2. On 1 January 2021, the remaining useful life of Salad Co's undervalued "Right-of-use Asset" was five years. 3. In October 2021, Salad Co wrote down the overvalued "Accounts Receivable" for bad debt. 4. In 2021, the impairment test indicated an impairment on the goodwill of $33,000. 5. In 2021, Salad Co reported a net profit after tax of $304,000 and declared no dividends. Required: (Support with detailed calculations.) Determine the fair value of consideration transferred on 1 January 2021. What is the amount of the goodwill arising from Pizza Co's acquisition of Salad Co? Prepare all consolidation journal entries (with explanations) for the year ended 31 December 2021.