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On 1 January 2014 Rome Ltd acquired 100% of Carthage Ltd for $1,630,000 in cash. At the time of acquisition Carthage Ltd had a recorded Share Capital of $150,000 and Retained Earnings of $80,000. As at the date of acquisition, Carthage Ltd also had an internally generated identifiable brand (Hannibal's Elephant Glue) which was previously unrecognised, but valued at $300,000. It was viewed that due to being well-known this brand would have a useful life of 15 years.
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Problem 1, Record the consolidation adjustments for the year ending 31 December 2018:
Problem 2, The combined profit of Rome Ltd and Carthage Ltd for the year ending 2018 without any consolidation adjustments is 410120. Calculate the consolidated profit for the group for the year ending 31 December 2018 and ignore tax.
Problem 3. Explain whether Rome Ltd can recognise the brand (Hannibal's Elephant Glue), and whether you think this treatment provides more useful accounting information.
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