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Discuss accounting implications of intended sale of assets

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Reference no: EM132543602

Point 1: Bower is a 70% subsidiary of Minny. The directors of Bower are preparing its individual financial statements for the year ended 30 November 20X2.

Point 2: Bower has a property which has a carrying value of $2 million at 30 November 20X2. This property had been revalued at the year end and a revaluation surplus of $400,000 had been recorded in other components of equity. The directors were intending to sell the property to Minny for $1 million shortly after the year end. Bower previously used the historical cost basis for valuing property.

Required

Question 1: Discuss the ethical issues and accounting implications of the intended sale of assets to Minny by Bower.

Reference no: EM132543602

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Discuss accounting implications of intended sale of assets : Bower is a 70% subsidiary of Minny. Discuss the ethical issues and accounting implications of the intended sale of assets to Minny by Bower.
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