Question 3 (12 points) Equity accounting: (12 marks) On 1 July 2023, Pizza Ltd purchased 30% of the shares of Pie Ltd for $400 000. At this date, the Balance Sheet of Pie Ltd were as follows. Assets Less Liabilities 1 450 000 Capital 980 000 270 000 Retained 130 000 Net assets $1 180 000 earnings Other reserves Total equity 70 000 $1 180 000 At 1 July 2023, all the identifiable assets and liabilities of Pie Ltd were recorded at fair value except for plant whose fair value was $40 000 greater than carrying amount. This plant has an expected future life of 5 years, the benefits being received evenly over this period. Dividend revenue is recognised when dividends are declared. The tax rate is 30%. The results of Pie Ltd was as follows. Profit/(loss) before income tax Income tax Profit/(loss) Dividend declared and paid 30 June 2024 $650 000 200 000 450 000 90 000 a. Prepare, the acquisition analysis to calculate goodwill. b. In journal entry format, prepare the consolidation worksheet adjustments for the year ending 30 June 2024, the equity-accounted consolidation worksheet adjustments to include the results for the associate, Pie Ltd, in the consolidated financial statements of Pizza Ltd.