Question: Full and partial goodwill methods On 1 July 2019, Rainbow Ltd acquired 80% of the issued shares of Lorikeet Ltd for $165 000. At this

Full and partial goodwill methods On 1 July 2019, Rainbow Ltd acquired 80% of the issued shares of Lorikeet Ltd for $165 000. At this date, the equity of Lorikeet Ltd was: At acquisition date all the identifiable assets and liabilities of Lorikeet Ltd were recorded at amounts equal to fair value except for the following: There was recorded goodwill of 3000 . At 30 June 2021, the equity of Lorikeet Ltd consisted of: During the 2020-21-year Lorikeet Ltd recorded a profit of $15000. Required Prepare the consolidated worksheet entries at 30 June 2021 for Rainbow Ltd assuming: (a) Rainbow Ltd adopts the partial goodwill method

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