Tomex Ltd purchased all the issued shares of Sussex Ltd for $1293000 on 1 July 2019 when the equity of Sussex Ltd was as follows, Sharecapital $17200 General reserve surpluss 387900 193950 At this date, Sussex Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the following assets. Account Inventories Cost Carrying Amount Fair value Further life Years) $38,800 $42,700 Land $97,000 $107,000 Equipment $150,000 $120,000 $144.000 Contingent Liability Sussex Ltd identified at acquisition date a lawsuit where Sussex Ltd was sued by a former supplier with the Fairvalue of $16,000 Unrecorded Asset Sussex Ltd had unrecorded and internally generated Patent with the FairValue of $39,000 Unrecorded Asset Sussex Ltd had unrecorded and internally generated in- process research and development with the FairValue ot $29,000 4 50% of inventory were sold by 30 June 2020, Further life of the assets are listed on the above table. Partial goodwill method is under use and Tax rate:30%. Required 1.Prepare the acquisition analysis at acquisition date. 2.Prepare adjusting journal entries for the consolidation worksheet at acquisition date. 3.Prepare adjusting journal entries for the consolidation worksheet on 30 June 2020. If Tomex Ltd purchased just 92% of the issued shares of Sussex Ltd, partial goodwill method is under use and the NCI at acquisition date is measured based on the proportionate share of the identifiable at and liabilities in Sussex Ltd. Required 4. Prepare the acquisition analysis at acquisition date. 5. Prepare the business combination valuation entries and pre-acquisition entry at acquisition date. 6. Prepare the journal entry to recognise NCI at acquisition date. 7. Prepare the consolidation worksheet entries at 30 June 2020. Assume a profit for Sussex Ltd for the year ended 30 June 2020 of $1688400 and no other changes in Sussex Ltd's eq since the acquisition date. 8. Analyse how full goodwill method is different from partial goodwill method. 9. List and explain the accounting standards issues relevant to the consolidation process both for full control and NCI.