Question 3 25 Points Hugo purchased 80% of Spencer on 1st January 2019. for E2 500,000. At this date. Spencer had share capital of 1 million 1 ordinary shares and retained earnings of 1,200.000. The fair value of Spencer's net assets at this date was deemed to be 800.000 in excess equal to book value. Its remaining useful life was 8 years Spencer had retained earnings of 2,000.000 at the reporting date 31 December 2020 Calculate the amount of Net assets of the subsidiary at the acquisition date by filling in the blanks: Net asset of the subsidiary at the acquisition date is calculated as Share capital Bank 1 plus Retained earnings Blank 2 plus any Fair value adjustment Blank Depreciation adjustment at the year ending December 2020 is E Blank 4 Post acquisition profits amount to be used in the calculation of NC and Group REIS E Blank 5 Blank 1 Add your answer Blank 2 Add your answer Blank 3 Add your answer Blank 4 Add your answer Blank 5 Add your