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Hill Lid purchased all the issued shares of Benny Lid for $500,000. At the time of acquisition, the balance sheet of Benny Lid included goodwill of $7,000. Benny Lid has adopted the Revaluation model (AASB116) to measure its assets. Having prepared the acquisition analysis, the group accountant has asked for your opinion on the following issues: a. How does the recording of goodwill by the subsidiary of $7,000 affect the accounting for the group's goodwill of $5,000? (3 marks) b. How does the recording of goodwill by the subsidiary of $7,000 affect the accounting for the group's gain on bargain purchase of $5,000? (3 marks) c. Explain why a Subsidiary's goodwill is deducted in preparing an acquisition analysis. (3 marks) d. As our subsidiary is using the Revaluation model (AASB116), there will not be any fair value adjustments required in the worksheet. Do you agree? (3 marks) Required: Provide advice on the above issues