Petro Ltd acquired 60% of Carlos Ltd's 500,000 R1 equity shares on 1st January 2019 for a consideration of R5 cash per share. At the date of acquisition, net assets and liabilities in Carlos Ltd were valued at R1,600,000 and the fair value of the non-controlling interest was R800,000.

Required:

1. Determine the acquisition date.

2. Calculate goodwill or gain on bargain purchase if any using Proportionate of Net Assets Method

3. Calculate goodwill or gain on bargain purchase if any using Fair Value Method