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Furniture Limited acquired 80% of the shares in BMW Limited for a cash consideration of $180 000. At acquisition date, share capital in BMW Limited was $100 000 and reserves amounted to $50 000. All assets and liabilities of BMW Limited were recorded at fair value at acquisition date except buildings which was recorded at $10 000 below fair value. The company tax rate was 28% and the partial goodwill method was adopted by Furniture Limited to value its Non-controlling Interest.
Required
Question 1: Prepare the appropriate consolidation journal entry to eliminate the investment in BMW Ltd on acquisition date.
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