On 01 July 2022, Persian Ltd acquired 551,250 ordinary shares of Sumo Ltd, that is, Persian Ltd holds 70% shares in Sumo Ltd. The purchase consideration was as follows:
Legal fees associated with the acquisition were $ 10,500.
The discount rate of Persian Ltd is 10 %.
(a) Calculate the fair value consideration (Costs of investment) transferred to acquire control of Sumo Ltd at the date of acquisition. Your answer should include a brief explanation if any of the above issue(s) is/are not required to be accounted in your working(s). Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â