Consolidated Financial Statements

Hunt acquired 80% of Safari on 1 Oct 20X5. At that date,
Safari had SC of $1 5,000,000 shares & SP of $1,000,000.
In exchange, Hunt issued $1 five equity shares for every four shares acquired.
At 1 October 20X5, the fair value of Hunt’s equity shares was $2.50/share and FV NCI in Safari was $2,000,000.
At 30 June 20×6, Safari’s profit after tax was $4,000,000.
While on 1 July 20X5, REs of Safari were $2,000,000.
Profit after tax of Safari for the year ended 30 June 20X6 accrued evenly throughout the year.
At the acquisition date, FV of a buildings owned by Safari exceeded their CV by $1,000,000. At that date, the properties had a remaining estimated useful life of 30 years and were still owned at 30 June 20X6.
Calculate goodwill on acquisition of Safari for inclusion in the Hunt group accounts
for the year ended 30 June 20X6