Presentation Version 7 Instructions: Please refer to the Oral Presentation Instructions. On 1 January 2019, Father Ltd purchase 75% of the shares of Son Ltd for $500,000 in cash. Father Ltd incurred $50,000 professional fee for the acquisition of Son Ltd. Non- controlling interest was measured by the partial goodwill method. At the acquisition date, the equity session of Son Ltd contained the following accounts: Issued capital Retained earnings $ 250,000 200,000 On the acquisition date, the identifiable net assets of Son Ltd were recorded at fair value. In 2019, the profit for the year of Father Ltd and Son Ltd was $500,000 and $200,000 respectively. Your presentation should cover three areas: (a) What is the value of the goodwill or gain from a bargain purchase from the acquisition of Son Ltd on 1 January 2019? Presentation Version 7 (c) Prepare a consolidation worksheet (extract) to reflect the necessary adjustments in the consolidated statement of financial position and the consolidated statement of profit or loss of the Father Group for 2019