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Question - Assume that you are a team of graduate accountants working for Arnold Group Co, a public accounting firm situated at 346 Gregory Street, Sydney, NSW 2000. The Manager of your firm, Ms. Helen Arnold has asked you to draft a letter in response to an email received from a client - Mr. Jose Brown, the Managing Director of Sunshine Ltd, raising several accounting issues.
Recently Brown Ltd have acquired all the shares of Pink Ltd. One of the assets in the statement of financial position of Pink Ltd was $42,000 goodwill, which had been recognised by Pink Ltd upon its acquisition of a business from Blue Ltd. Having prepared the acquisition analysis as part of the process of preparing the consolidated financial statements for Brown Ltd, the directors have asked you to explain these following issues:
Issue: Where a fair increment involves a depreciable asset (increased by $50,000), why is depreciation expense adjusted in subsequent years? How is the depreciation rate/method determined when the depreciation rate/methods of Pink Ltd are different to those used by Brown Ltd?
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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