Action ltd owns 100 percent of the shares of jackson ltd

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Action Ltd owns 100 percent of the shares of Jackson Ltd acquired on 1 July 2011 for $3.5 million when the shareholder's funds of Jackson Ltd were:
$
Share Capital 1 750 000
Retained Earnings 1 400 000

All assets and liabilities of Jackson Ltd are fairly stated at acquisition date. The directors believe that there has been an impairment loss on the goodwill for the year ended 30 June 2012. During the 2012 financial year Jackson Ltd sell inventory to Action Ltd at a sales price of $700 000. The inventory cost Jackson Ltd $420 000 to produce. At 30 June 20.

Reference no: EM13576459

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