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Question - Bella Ltd acquired 90% of the share capital of Edward Ltd on 1 January 20X7. At that time, the fair values of Edward Ltd's net assets were as follows:
$
Land 90,000
Equipment 30,000
Accounts receivable 25,000
Accounts payable 28,000
On January 20X7, the share capital of Edward Ltd consisted of 100,000 ordinary shares issued for $1 each and fully paid.
The cost of acquisition under the takeover scheme consisted of 90c cash plus one share in Bella for every share acquired from Edward. Bella's shares were trading at $1.20 each on the ASX (Australian Securities Exchange).
Required -
(a) Calculate the amount of goodwill/bargain purchase (if any) for the above acquisition. Marks are awarded to the final answer only, i.e., no marks for workings.
(b) Prepare the journal entry for Bella Ltd for the above acquisition. Narrations are not required.
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