QUESTION 4 [27 marks (A) France Limited acquired the business of England Limited for an immediate purchase consideration of $9,000,000 and a deferred payment of $4,000,000 in two years (cost of capital 14%). The assets and liabilities taken over were as follows: Land and Buildings Machinery and Equipment Inventory Receivables $14,000,000 $7,000,000 $1,000,000 $400,000 $5,000,000 Loans Accruals $2,000,000 Required: 1. Calculate the goodwill acquired by France Limited (6marks) 2. Explain the accounting treatment for the goodwill calculated in (a) above according to IFRS 3 (4marks) 3. Explain to the directors of France Limited why excellent customer service provided by the company cannot be included in the books of accounts as goodwill. (5marks)