QUESTION 2 Seleco Bhd acquired 800,000 ordinary shares, 90,000 preference shares and 120,000 debentures of Marco Bhd on 1 January 2020 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 the following: Ordinary share capital Preference share capital Debentures Retained profit General reserve RM1,000,000 (1,000,000 units) RM200,000 (200,000 units) RM200,000 (200,000 units) RM200,000 Rm100,000 On the same day a property was revalued at RM40,000 more than its carrying value. Non-controlling interest was valued based on proportion of fair value of net asset of Marco 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) (Total: 7 marks)