Question 3.2 Giftens Ple acquired 80% of Rewards Ple on 1 January 2011 At the date of acute Rewards Ple's Statement of Financial Position showed net assets at a carrying value of N62.550,000. Included in this total, is Freehold Land at a carrying value of 4.000.00 (market value N9,580,000), a Brand Name with a nil book value (market value N5,000.000), Plant and Machinery at a carrying value of N11.200.000 and a market value of N8.900,000. The fair value of all other assets and liabilities is approximately equal to their carrying value. The Directors of Giftens Ple intend to close down one of the divisions of Rewards Plc and wish to provide for operating losses up to the date of closure, which are forecast as N7.29 million An investment in Property, Plant & Equipment will be required to bring the ring production line of Rewards Ple up to date. This will amount to 105 million in the next 12 months The consideration comprised cash of N40 million. 15 million shares with a nominala of N1.00 and fair value of N1.50 each as well as further cash consideration of Ni million to be paid one year after acquisition. The discount rate is 10%. Required: Calculate the goodwill arising on consolidation using the proportionate share method in accordance with the provision of IFRS 3 (Business combinations (b) Based on IFRS 3 on Business Combinations, explain what the acquirer should in the measurement period" if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination movie