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On 1 January 2020, Aqua Ltd purchased all the shares of Marine Ltd for $2,000,000. The following extract provides information about Marine Ltd's financial position on that date.
$ $
Share Capital 1,500,000
Buildings 800,000
Retained Earnings 300,000
Accumulated Depreciation (500,000)
Reserves 200,000
Additional Information
Question i Calculate the goodwill on acquisition, clearly indicating whether it is positive or negative.
Question ii Prepare the pre-acquisition elimination entries on 31 December 2021
Question iii Prepare a other elimination entries required on 31 December 2020
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