Sima Ltd purchased all issued shares of Nima Ltd for $2211000 on 1 July 2020 when the equity of Nima Ltd was as follows;
Share capital	884400
General reserve	663300
Asset revaluation surplus	331650
At this date, Nima Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings;
Account	Cost	Carrying Amount	Fair value	Further life(Years)
Inventories		$66,300	$72,900
Land		$166,000	$183,000
Furniture	$257,500	$206,000	$247,000	10
Contingent Liability	Nima Ltd identified at acquisition date a lawsuit where Nima Ltd was sued by a former supplier with the Fairvalue of:	$27,000
Unrecorded Asset	Nima Ltd had unrecorded and internally generated Patent with the FairValue of:	$66,000
Unrecorded Asset	Nima Ltd had unrecorded and internally generated in- process research and development with the FairValue of:	$50,000
Tax rate:30%. Required Preparetheacquisitionanalysisatthe in-processan acquisitiondate. Preparethebusinesscombinationvaluationentriesandthepre-acquisitionentryatthe acquisitiondate. Prepare worksheetadjustingjournalentriesforthe consolidationon30June2021, considering80%ofthe inventory wassoldby30June2021andnoother changesinNima's equitysince theacquisitiondates. IfSimaLtdpurchasedjust91%oftheissuedsharesofNimaLtdon1July2020andpartialgoodwillmethodisinuse,Preparetheacquisitionanalysisatacquisitiondate. Prepareworksheetadjustingjournalentriesfortheconsolidationat the acquisitiondate.