QUESTION 1 On 1 July 2020 Pan Ltd acquired 80% of the 10,000 $1 ordinary shares in Sun Ltd for $1.50 per share in cash and so gained control. The fair value of Sun Ltd's net assets at that date was the same as their book value. Pan Ltd Sun Ltd $ Non-current assets 11,000 $ 20,000 12,000 15,000 Investment in Sun Current assets 8,000 Total Assets 47,000 19,000 16,000 10,000 27,000 4,000 Share capital Retained profits Current liabilities Total Equity and Liabilities 4,000 5,000 47,000 19,000 REQUIRED: (a) Define and compute "Goodwill on Consolidation. (6 marks) (b) Define and compute "Non-Controlling Interest. (4 marks) (C) Prepare the Consolidated Statement of Financial Position for Pan Ltd Group immediately after the acquisition of shares in Sun Ltd. (10 marks) (Total: 20 marks)