Question 8 20 pts Parent Ltd purchased all of the shares of Sub Ltd on 1 July 2016 for $640 000. At that date the financial statements of Sub Ltd revealed the following information: Share capital $370 000 Retained earnings $230 000 $600 000 At acquisition date, all the identifiable assets and liabilities of Sub Ltd were carried at fair value except for the following: Carrying Amount Fair value Plant (cost $ 200 000) $150 000 $180 000 Inventories $30 000 $48 000 At acquisition date, the plant had a remaining useful life of 5 years with a residual value of $0. Sub Ltd depreciates the plant using the straight-line method. All the inventories were sold externally during the year ended 30 June 2019. The tax rate is 30%. The financial year of the group ends on 30 June. Required: a) Perform an acquisition analysis to determine whether there is any goodwill or gain on bargain purchase. Show all calculations. (4 marks) b) Prepare the Business Combination Valuation entries ONLY at 30 June 2019 for the consolidated financial statements of Parent Ltd Group. (16 marks)