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Tamarama Ltd acquires $100% of Bronte Ltd on 1 July 2013. Tamarama Ltd pays the shareholders of Bronte Ltd the following consideration: Cash: $70000 Plant

Tamarama Ltd acquires $100% of Bronte Ltd on 1 July 2013. Tamarama Ltd pays the shareholders of Bronte Ltd the following consideration: Cash: $70000 Plant and equipment: fair value $250000; carrying amount in the books of Tamarama Ltd $17000 Land: fair value $300000; carrying amount in the books of Tamarama Ltd $200000 On 1 July 2013 Bronte Ltds statement of financial position shows total assets of $700000 and liabilities of $300000. The fair value of the assets is $800000.

Required:

Has any goodwill been acquired and, if so, how much?

Can Tamarama Ltd revalue the goodwill upwards in a subsequent period?

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