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Share capital 355000
Asset revaluation surpluss 152000
Retained earnings 122000
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;
IThe assignment must be typed. use Anal font, 12, to avoid plagiarism, make sure you do proper referencing, a WORD format file soft copy to be submitted in Turnitin before the due d ensure you provide your ID numbers and full name at the first page. Late assignments will be penalised, 5%of total available marks deduction per day. For the following case provide all: a)ealculations
b) accounting standards
c) related journal entries
d) relevant explanations
On 1 July 2019 Alma Ltd acquired 92% the issued shares of Davis Ltd for $1014000 . The equity of Davis Ltd at this date consisted of:
Account Cost Carrying Fair value Further life- in Year
Amount
Inventories $152,000 $274,000
Land $304,000 $547,000
i
Plant $426,000 $355,000 $639,000 10
Fittings $20,000 $20,000 10
Liabilities $50,000 $50,000
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. Alma Ltd uses the partial ?..00dwil'
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 520000.
5- Explain how the step 1 to 4 will change if the full goodwill method is used.