Super Ltd acquired all the issued shares of Market Ltd on 1 July 2018 for $500 000. At this date, the equity of Market Ltd consisted of the following: $240 000 Share Capital Retained Earnings $130 000 General Reserve $ 100 000 $470 000 At the acquisition date, all the identifiable assets and liabilities of Market Ltd were recorded at amounts equal to the fair value except the following: Fair value Carrying amount $ 100 000 Plant (cost $200 000) $140 000 Inventories $40 000 $45 000 Land $80 000 $90 000 The plant was considered to have a further 5-year life and was still on hand at 30 June 2020. The inventories and land were all sold by 30 June 2019. Also not recorded by Market Ltd was a contingent liability relating to a current court case in which Market Ltd was involved with a supplier that was seeking compensation. Super Ltd placed a fair value of $25 000 on this liability. This court case was settled in September 2019 at which time Market Ltd was required to pay damages of $28 000. In February 2020, Market Ltd transferred $20 000 from the retained earnings on hand at 1 July 2018 to general reserve. The tax rate is 30%. Required: a) Perform an acquisition analysis to determine whether there is any goodwill or gain on bargain purchase. Show all calculations. (5 marks) b) Prepare the "Pre-Acquisition Elimination entries" ONLY at 30 June 2020 for the consolidated financial statements of Super Ltd Group. (10 marks) Super Ltd acquired all the issued shares of Market Ltd on 1 July 2018 for $500 000. At this date, the equity of Market Ltd consisted of the following: $240 000 Share Capital Retained Earnings $130 000 General Reserve $ 100 000 $470 000 At the acquisition date, all the identifiable assets and liabilities of Market Ltd were recorded at amounts equal to the fair value except the following: Fair value Carrying amount $ 100 000 Plant (cost $200 000) $140 000 Inventories $40 000 $45 000 Land $80 000 $90 000 The plant was considered to have a further 5-year life and was still on hand at 30 June 2020. The inventories and land were all sold by 30 June 2019. Also not recorded by Market Ltd was a contingent liability relating to a current court case in which Market Ltd was involved with a supplier that was seeking compensation. Super Ltd placed a fair value of $25 000 on this liability. This court case was settled in September 2019 at which time Market Ltd was required to pay damages of $28 000. In February 2020, Market Ltd transferred $20 000 from the retained earnings on hand at 1 July 2018 to general reserve. The tax rate is 30%. Required: a) Perform an acquisition analysis to determine whether there is any goodwill or gain on bargain purchase. Show all calculations. (5 marks) b) Prepare the "Pre-Acquisition Elimination entries" ONLY at 30 June 2020 for the consolidated financial statements of Super Ltd Group. (10 marks)