QUESTION 5 12 points Sent Mel Ltd acquired 85% interest in Gibson Ltd on 1 July 2020 for $230,000. At that date, Gibson Ltd's equity consisted of share capital of $190,000 and retained earnings of $60,000. All the identifiable net assets of Gibson Ltd were recorded at amounts equal to fair value except for the following: Carrying amount ($) Fair value (5) Land 290,000 302,000 O WORDS POWERED BY TONY Additional information: The tax rate is 30%. Total profit reported by Gibson Ltd for the year ended 2021 was $430,000 Gibson Ltd is using a partial good will method. Required: a) Calculate goodwill using the Partial goodwill method (5 marks) b) Prepare the consolidation worksheet entries at 30 June 2021 for Gibson Ltd group. Narrations are not required. Show your workings.(7 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). I os B TV Paragraph Open Sans,s... 3 x? X2 10pt G I I 199 2 T. I to GQ Q6 : FR +0 . A, Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save Al Answers Save a MacBook Air 888 QUESTION 5 12 points Sent Mel Ltd acquired 85% interest in Gibson Ltd on 1 July 2020 for $230,000. At that date, Gibson Ltd's equity consisted of share capital of $190,000 and retained earnings of $60,000. All the identifiable net assets of Gibson Ltd were recorded at amounts equal to fair value except for the following: Carrying amount ($) Fair value (5) Land 290,000 302,000 O WORDS POWERED BY TONY Additional information: The tax rate is 30%. Total profit reported by Gibson Ltd for the year ended 2021 was $430,000 Gibson Ltd is using a partial good will method. Required: a) Calculate goodwill using the Partial goodwill method (5 marks) b) Prepare the consolidation worksheet entries at 30 June 2021 for Gibson Ltd group. Narrations are not required. Show your workings.(7 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). I os B TV Paragraph Open Sans,s... 3 x? X2 10pt G I I 199 2 T. I to GQ Q6 : FR +0 . A, Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save Al Answers Save a MacBook Air 888