Undervalued and unrecorded assets, partial and full goodwill method   LO3, 4, 5 On 1 July 2017, Ben Ltd acquired 80% of the issued shares (cum div.) of Alex Ltd for $202 000 when the equity of Alex Ltd consisted of: Share capital — 100 000 shares $100 000 General reserve 40 000 Retained earnings 50 000 At this date, the carrying amounts and fair values of the assets of Alex Ltd were as follows. Carrying amount Fair value Land $70 000 $90 000 Plant (cost $100 000) 80 000 85 000 Fittings (cost $40 000) 20 000 20 000 Goodwill 5 000 10 000 At 1 July 2017, Alex Ltd had not recorded an internally generated trademark that Ben Ltd considered to have a fair value of $50 000. This intangible asset was considered to have an indefinite useful life. Both plant and fittings were expected to have a further 5‐year useful life beyond 1 July 2017, with benefits being received evenly over those periods. The plant was sold on 1 January 2020. Any adjustment for the differences between carrying amounts and fair values is recognised in the consolidation worksheet. Ben Ltd uses the partial goodwill method. Additional information • In August 2017, the dividend payable of $5000 on hand at 1 July 2017 was paid by Alex Ltd. • The following profits were recorded by Alex Ltd. For the year ended 30 June 2018 $20 000 For the year ended 30 June 2019 25 000 For the year ended 30 June 2020 30 000 • In June 2019, Alex Ltd transferred out of post‐acquisition profits $5000 to general reserve, and in June 2020, a further $6000 was transferred. • Dividends declared or paid since 1 July 2017 are: – $8000 dividend declared in June 2018, paid in August 2018 – $6000 dividend declared in June 2019, paid in August 2019 – $5000 dividend paid in December 2019 – $8000 dividend declared in June 2020, expected to be paid in August 2020. Required 1. Prepare the worksheet entries for the preparation of the consolidated financial statements of Ben Ltd and its subsidiary, Alex Ltd, at 30 June 2020. 2. Prepare the worksheet entries that would differ from those in requirement 1 if Ben Ltd uses the full goodwill method. Assume the value of the non‐controlling interest at 1 July 2017 was $49 250.