Question on discuss

As per AASB 10 and as per AASB 3, a parent company must present consolidated financial statements with its own standalone financial statements. The parent company that consolidates financial statements should consolidate all its subsidiaries including foreign subsidiaries. In the given case, Sam Ltd holds 90% shares of Rex Ltd which clearly states that Sam Ltd holds controlling power for Rex Ltd. Sam Ltd will consolidate the in its financial statements, the balance sheet of Rex Ltd with its own standalone financial statements.
Prepare Acquisition analyses at Acquisition date
    Particulars
    Amt($)
    Net Fair value of Identifiable Assets
    $21,52,200
    (-) Unrecorded Liability
    $30,000
    (+) Unrecorded Patent
    $76,000
    (+) Unrecorded R&D
    $57,000
    Net Fair value of Identifiable Assets
    $22,55,200
    BCVR – Inventory
    $5,320
    BCVR – Land
    $13,300
    BCVR – Vehicle
    $32,900
    FVINA
    $23,06,720
    Share of holding (90%)
    $20,76,048.00
    Cost of acquisition
    $25,32,000
    Goodwill
    $4,55,952.00
1. Prepare business combination valuation entries and pre acquisition entry at acquisition date
Journal Entries at Acquisition Date     
    BCVR Entries
    Inventories    Dr     $7,600
    To DTL             $2,280
    To BCVR         $5,320
    Land        Dr     $19,000
    To DTL             $5,700
    To BCVR         $13,300
    Accumulated Depreciation Dr $58,750
To Vehicle $11,750
To DTL $14,100
To BCVR $32,900
     Goodwill Dr $4,55,952
To BCVR $4,55,952
Pre-acquisition Entry
    General Reserve Dr $6,83,640
Share Capital Dr $9,11,520
Asset revaluation Dr $3,41,820
BCVR Dr $4,92,020
Patent Dr $76,000
R & D Dr $57,000
To shares in Rex Ltd $25,32,000
To Contingent Liability $30,000
2. Prepare the Journal Entry to recognise NCI at acquisition date
    
    
    Sam Ltd
    Rex Ltd
    a)
    Issued capital
Direct NCI 10%
    $10,12,800
    
$1,01,280
    b)
    General Reserve
Direct NCI 10%
    $7,59,600
    
$75,960
    c)
    Asset Revaluation
Direct NCI 3%
    $3,79,800
    
$37,980
    NCI Equity
    
    
    
    a)
    Asset Revaluation Dr
Share capital Dr
General Reserve Dr
To...