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XYZ Ltd acquired a 70% interest in ABC Ltd on 1 July 2020 for $500,000. On the same date, the balance of shareholders' equity of S Ltd comprised:
Share capital $50,000
General reserve 10,000
Retained earnings 15,000
75,000
All assets are recorded at their fair values except for an item of buildings, which had a fair value of $500,000 and a carrying amount of $350,000 (original cost $400,000). The building has remaining life of 10 years.
The fair value of the Non-Controlling Interest (NCI) in ABC Ltd on 1 July 2020 was $50,000.
Required
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