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Question - ABC Ltd acquires 100 per cent of RedCarpet Ltd on 1 July 2021. ABC Ltd pays the shareholders of RedCarpet Ltd the following consideration:
Cash 35,000
Plant and equipment fair value $125,000; carrying amount in the books of ABC Ltd $85,000
Land fair value $150,000; carrying amount in the books of ABC Ltd $100,000
There are also legal fees of $95 000 involved in acquiring RedCarpet Ltd.
On 1 July 2021 RedCarpet Ltd's statement of financial position shows total assets of $300,000 and liabilities of $150 000. The fair value of the assets is $400,000.
Required - Has any goodwill been acquired and, if so, how much? And discuss the potential for including associated legal fees into the cost of acquiring RedCarpet using appropriate accounting standard.
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