Topic 3: Consolidation: Non-controlling interests On 1 July 2016, Poppy Ltd acquired 80% of the issued shares of Sunshine Ltd for $240 000 whern the equity of Sunshine Ltd consisted of: Share capital General reserve Retained earnings $160000 10 000 59000 At this date, all identifiable assets and liabilities of Sunshine Ltd were recorded at fair value except for the following Carrying amount $10000 90000 Fair value Inventories Plant (cost $220000) Land $14000 99000 87000 Half of the inventories were sold by 30 June 2017 and the remainder by 30 June 2018. The plant has a further 3-year life beyond 1 July 2016, with benefits to be received evenly over this period The land was sold on 1 March 2020 to an external party. Adjustments for the differences between carrying amounts and fair values are to be made in the consolidation worksheet. Poppy Ltd uses the partial goodwill method. The tax rate is 30% During the 4 years since acquisition, Sunshine Ltd has recorded the following annual results and declared the following dividends