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In: AccountingQuestion 3Tamarama Ltd acquires $100% of Bronte Ltd on 1 July 2013.Tamarama Ltd pays...Question 3Tamarama Ltd acquires $100% of Bronte Ltd on 1 July 2013.Tamarama Ltd pays the shareholders of Bronte Ltd the followingconsideration:Cash: $70000Plant and equipment: fair value $250000; carrying amount in thebooks of Tamarama Ltd $17000Land: fair value $300000; carrying amount in the books ofTamarama Ltd $200000There are also legal fees of $35000 involved in acquiring BronteLtd.On 1 July 2013 Bronte Ltd’s statement of financial positionshows total assets of $700000 and liabilities of $300000. The fairvalue of the assets is $800000.Required:Has any goodwill been acquired and, if so, how much?Can Tamarama Ltd revalue the goodwill upwards in a subsequentperiod?