Question 5 (8 marks) On 1 July 2020, Big Ltd acquired all the issued share capital of Small Ltd for cash for an amount of $1,050,000. On the date of the acquisition, the statements of the financial position of both entities are as follnwe Required: a) Calculate the goodwill on acquisition assuming all net assets of small Ltd are recorded in fair value. (5 marks) ANSWER a): b) Prepare consolidation journal entries. (2 marks) ANSWER b): c) What journal entry would the parent company Big Ltd record in its own accounting record for the acquisition of Small Ltd at the acquisition date? (1 mark)