(Upload your assignment in WORD format file, including detailed explanation) Sima Ltd purchased all issued shares of Nima Ltd for $2297000 on 1 July 2020 when the equity of Nima Ltd was as follows; Share capital Asset revaluation surplus Retained earnings 918800 689100 344550 At this date, Nima Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings; Account Inventories Land Equipment Contingent Liability Cost $267,500 Carrying Amount Fair value Further life(Years) $68,900 $75,800 $172,000 $189,000 $214,000 $257,000 Nima Ltd identified at acquisition date a lawsuit where Nima Ltd was sued by a former supplier with the Fairvalue of: $28,000 Unrecorded Asset Nima Ltd had unrecorded and internally generated Patent with the FairValue of: $69,000 Unrecorded Asset Nima Ltd had unrecorded and internally generated in- process research and development with the FairValue of: $52,000 5 Tax rate: 30%. Required 1.Prepare the acquisition analysis at acquisition date. 2.Prepare the business combination valuation entries and the pre-acquisition entry at acquisition date. 3.Prepare worksheet adjusting journal entries for the consolidation on 30 June 2021, considering 90% of inventory were sold by 30 June 2021 and no other changes in Nima's equity since the acquisition date. 4. If Sima Ltd purchased just 97% of the issued shares of Nima Ltd on 1 July 2020 and partial goodwill method is in use, Prepare the acquisition analysis at acquisition date. 5. Prepare worksheet adjusting journal entries for the consolidation at acquisition date. 6- Explain in details; a)What is consolidation according to accounting standards? b)What are consolidated financial statements? How to prepare consolidated financial statements? c)Why is it necessary to make consolidated worksheet adjustments? d)How often is it necessary to make consolidated worksheet adjustments? e)Where should the consolidated worksheet adjustments be posted? f) Is there any difference between consolidation for wholly owned entities and NCI