Super Ltd acquired 65% of Car Ltd for a cost of $650,000, when the equity of Car Ltd consisted of:

Share Capital

General Reserve

Retained Earnings

$100,000

$8.000

$20.000

All the identifiable assets and liabilities of Car Ltd were recorded at fair value except for the following:

Vehicles (cost $550,000)

Patent

Carrying

Amount

$450.000

$70,000

Fair

Value

$500.000

$90,000

Super Ltd acquired 65% of Car Ltd for a cost of $650,000, when the equity of Car Ltd consisted

Share Capital

General Reserve

Retained Earnings

$100.000

$8.000

$20,000

?

All the identifiable assets and liabilities of Car Ltd were recorded at fair value except for the following:

Carrying

Amount

$450.000

$70.000

Eair

Value

$500.000

$90.000

Vehicles (cost $550,000)

Patent

Required:

Prepare the journal entries for the pre-acquisition stage (i.e., Stage 1) of recording the Non-Controlling Interest (NCI) using the partial goodwill method.