Question 5 (11 marks) On 1st July, 2018 Murray Ltd acquired 70% of the share capital of Darling Ltd for $100,000,000 Equity of Darling Ltd at acquisition date was: Share Capital $ 60,000,000 General Reserve $ 20,000,000 Retained Earnings $ 10,000,000 All assets and liabilities of Darling Ltd were recorded at fair value on acquisition. Ignore Tax effects. Required: (a) Complete the worksheet below using the partial goodwill method with the NCI measured at the proportionate share of the acquiree's identifiable net assets. (5 marks) Darling Ltd Murray Ltd 30% NCI Elimination of Investment in Darling Ltd (S) $,000 (70% of Darling) $,000 (P) $,000 Fair Value of consideration transferred Less: FV of identifiable assets acquired & liabilities assumed Share capital on acquisition date 60,000 General reserve-acquisition date 20,000 Retained earnings-acquisition date 10,000 Fair value adjustment Goodwill on acquisition Non-controlling interest (b) Prepare the consolidation adjustments and eliminations entries and recognise the NCI in the pre- quisition equity of Darling Ltd, using the partia good method with the NCI measured at the proportionate share of the acquiree's identifiable net assets. (6 marks)