Thank U Berhad acquired 80% of the five million equity shares at the cost of RM5 millions of Welcome Berhad on 1 July 2021 for cash of RM88 million. The fair value of the non-controlling interest (NCI) at acquisition was RM17 million. The fair value of the identifiable net assets at acquisition was RM49 million, excluding a factory site acquired many years prior to the date of acquisition. Land and property prices in the area had increased significantly in the years immediately prior to 1 July 2021. Nearby sites had been acquired and converted into residential use. A market report indicated that if Welcome Berhad has converted the site into residential use, the factory site would have a market value of RM24 million. RM1 million of costs are estimated to be required to demolish the factory and to obtain planning permission for the conversion. Welcome Berhad was not intending to convert the site at the acquisition date and had not sought planning permission at that date. Required: Calculate the goodwill arising on the acquisition of Welcome Berhad measuring the non-controlling interest at: a. Fair value. b. Proportionate share of the net assets.