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Explaining the full accounting implications

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Reference no: EM133525408

Question: You are the Chief Accountant of Rusty Ltd. In July 2023, Ruby Ltd returns to profitability quicker than expected, and hence, the Board of directors of Rusty Ltd is proposing to revalue the previously acquired goodwill upwards (effectively reversing the previous write down) by $100,000.

REQUIRED:

As the Chief Accountant of Rusty Ltd, you need to provide a briefing paper and recommendation ( max 1500 words) explaining the full accounting implications, e.g., the relevant journal entries, any tax implications, and the effect on the financial statements of the proposed upward revaluation

 

Reference no: EM133525408

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