QUESTION 2 Mutiara Sepakat Bhd acquired 800,000 ordinary shares, 90,000 preference shares and 120,000 debentures of Gemilang Bhd on 1 January 2021 a cost of RM1,200,000, RM90,000 and RM120,000 respectively by cash. On the date of acquisition, the balance of Marco Bhd equity and liabilities comprise such as ordinary share capital amounted RM1,000,000 (RM 1 par value), preference share capital amounted RM200,000 (RM 1 par value), debentures amounted RM200,000 (200,000 units), retained profit amounted RM200,00 and general reserve amounted RM100,000. On the 1 January 2021, a land and building were revalued at RM40,000 more than it carrying value. Non-controlling interest was valued based on proportion of fair value of net asset of Gemilang on the date of acquisition. Required: a. Compute goodwill/bargain purchase. (4 marks) b. Determine the consolidation journal entries to record the above acquisition for preference shares and debentures. (3 marks) Sub-total: 7 marks Total: 15 marks