Question 2 Parent Ltd acquired 60% of the equity in Sub Ltd on 1 April 2014 for $1 200 000. At that date, the equity of Sub Ltd comprised share capital of $600 000 and retained earnings of $340 000 Because Sub Ltd used the cost model for its recognised property, plant, and equipment, it had several items whose book value was lower than fair value at the date of acquisition. The book values and the fair values of these assets, at the date of acquisition, are shown in the table below At book value: At fair value: Land and building $680 000 $1 000 000 Land 300 000 420 000 Equipment 198 000 200 000 $1 178 000 $1 620 000 At the date of acquisition, Sub Ltd had unrecognised intangible assets with a combined fair value of $380 000 and an unrecognised contingent liability of $90 000 Question 2 continued: Required: Prepare the notional journal entry, as at 31 March 2019, to eliminate the Parent Ltd asset Investment in Sub Ltd' and to eliminate the parent's portion of the equity in the Sub Ltd, in accordance with NZ IFRS 10 Consolidated Financial Statements and NZ IFRS 3 Business Combinations. Note: Your workings must be included on each line of your notional journal entry Question 2 Notional journal entry on 31 March 2019 Your workings must be shown on each line of the notional journal entry below: S $