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Portland Limited bought 30% of the Ordinary shares in Ochi Limited on 1 April 2019 at a price of $4.90 per share. The share capital of Ochi Limited was $24,000,000 in ordinary shares of $4 each.For the year ended 31 December 2018 Ochi Limited made a net profit of $1,600,000. You may assume that profit accrued evenly throughout the year. At year end the directors of Portland Limited determined that the investment in Ochi Limited was impaired by 20 % of its initial cost.
REQUIRED:
Problem 1: Explain how Ochi Limited should be treated in the consolidated accounts?
Problem 2: Using the equity method of accounting calculate, the value at which Ochi Limited should be reported in the consolidated statement of financial position, for the Portland Limited Group.
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