Answer all of the following questions. Show all calculations. Question 1 a) Mama purchased 80% of Papa's equity on 1 January 2018 for 280,000 when Papa's retained earnings were 70,000. The fair value of the non-controlling interest on that date was 40,000. During the year, Mama sold goods to Pappa at a price of 120,000, achieving a profit margin of 25%. Pappa had 40% of the goods still in inventory at the year-end. The two companies' draft statements of financial position were as follows: Statements of financial position on 31st December 2018 Mama Pappa 180,000 240,000 280,000 Non-current assets: Property, plant and equipment (net) Investment in Pappa Current assets: Inventory Trade receivables: From Pappa Other receivables Bank Total assets 165,000 95,000 8,000 20,000 60,000 773,000 30,000 40.000 345,000 Equity and liabilities: Equity: Share capital Retained earnings 350,000 265,000 180,000 120,000 80,000 20,000 Non-current liabilities: Long-term loan Current liabilities: Trade payable: To Mama Other payables 8,000 17,000 78,000 Total equity and liabilities 773,000 345,000 Required i. ii. Calculate the amount of goodwill in the consolidated statement of financial position of Mama Group on 31st December 2018 (5 marks) Calculate the amount of retained earnings in the consolidated statement of financial position of Mama Group on 31st December 2018 (4 marks) Calculate the amount of non-controlling interest that will appear in the consolidated statement of financial position of Mama Group on 31st December 2018 (3 marks) iii. Page 2 of 5