Swamp Ltd acquired 90% of the shares of Tortoise Ltd on 1 July 2015 for $237 000.

At this date, the equity of Tortoise Ltd consisted of:

Share capital Asset revaluation surplus Retained earnings

125 000 30 000 80 000

At acquisition date all the identifiable assets and liabilities of Tortoise Ltd were recorded at amounts equal to fair value.

At 1 July 2015, the fair value of the non-controlling interest was $25 000 and Swamp Ltd adopts the full goodwill method.

At 30 June 2017, the equity of Tortoise Ltd consisted of:

Share capital Asset revaluation surplus Retained earnings

100 000 40 000 110 000

During the 201617 year Tortoise Ltd recorded a profit of $20 000.

Required: Prepare acquisition analysis