X WEBCAM RECOR Remaining Time: 2 hours, 08 minutes, 23 seconds. Question Completion Status: O WORDS POWERED BY TINY QUESTION 5 12 points Save Answer On July 2019, Frankie Ltd acquired 80% of the issued shares of Sinatra Ltd for $250,000. At that date, Sinatra Ltd's equity consisted of share capital of $200,000 and retained earnings of $300,000. At acquisition date, all identifiable net assets of Sinatra Ltd were recorded at amounts equal to fair value. At July 2019, the fair value of the non-controlling interest was $50,000. R Required: (a) Calculate goodwill using the partial goodwill method. (3 marks) (b) Explain the reason why an adjustment is required to the NCI sha of profit, for a non-current asset revalued to fair value at acquisition date (9 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial T. bild a 5 E- = V 10pt THE (v) 63 EX 0 0 T Q + > Tic X2 X2 O WORDS POWER