Consolidation: non-controlling interest (NCI) Partial goodwill method **Prepare the journal entry to recognize NCI at acquisition date. Laura Ltd purchased 97% of the issued shares of Chris Ltd for $1,759,000 on 1 July 2018 when the equity of Chris Ltd was as follows;

Share capital	$703,600
Asset Revaluation surplus	$527,700
Retained earnings	$263,850

At this date, Chris Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings;

Consolidation: non-controlling interest (NCI)

Partial goodwill method

**Prepare the journal entry to recognize NCI at acquisition date.

Laura Ltd purchased 97% of the issued shares of Chris Ltd for $1,759,000 on 1 July 2018 when the equity of Chris Ltd was as follows;

At this date, Chris Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings;

60% of inventory on hand at 1 July 2018 were sold by 20 June 2019. Further life of the assets is listed on the above table. Partial goodwill method is under use and the tax rate is 30%

60% of inventory on hand at 1 July 2018 were sold by 20 June 2019. Further life of the assets is listed on the above table. Partial goodwill method is under use and the tax rate is 30%