Question 11 Not yet Marked out of 10.00 Non-Controlling Interest (NCI) (10 marks) On 1 July 2020, Sugar Ltd acquired 89% of the shares of Glider Ltd for $345000. At this date, the equity of Glider Ltd consisted of Share Capital: $175,000 Flap Question Retained earnings: $62,500 General reserve: $50,000 all the identifiable assets and liabilities of Glider Ltd were recorded at amounts equal to fair value except for Patent Inventory Carrying Amount 27,500 20,000 Fair Value 35,000 30,000 The tax rate is 30%, partial goodwill method is in use Required: 1. Acquisition analysis at 1 July 2020 (1.5 Marks) 2. Business combination valuation entries at 1 July 2020 (3 Marks). 3. Pre-acquisition entries at 1 July 2020 (3 Marks) 4. NCI share of equity at acquisition date 1 July 2020 (2.5 Marks) A-BI Qu Time 2:24:16 Finish