For the following case provide all related; a) calculations b) accounting standards c) related journal entries d) relevant explanations.

On 1 July 2019 Ethan Ltd acquired 91% the issued shares of Davis Ltd for $1472000 . The equity of Davis Ltd at this date consisted of:

All the identifiable assets and liabilities of Davis Ltd were recorded at amounts equal to their fair values at acquisition date except for the following;

All inventories on hand at 1 July 2019 are sold by 30 June 2020. Further life of the assets are listed on the above table. Ethan Ltd uses the partial goodwill method.

Tax rate:30% 

Required

1- Prepare the acquisition analysis at acquisition date.

2- Prepare the business combination valuation entries and pre-acquisition entry at acquisition date.

3- Prepare the journal entry to recognise NCI at acquisition date.

4-Prepare the consolidation worksheet entries at 30 June 2020. Assume a profit for Davis Ltd for the year ended 30 June 2020 of $29000.

5- Explain how the step 1 to 4 will change if the full goodwill method is used.