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How much consolidation goodwill purchase gain be reported

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Reference no: EM132982834

Problem 1: Harrison Ltd purchased all the shares of Minto Ltd on 1 Jan 20X3 for $290,000. On that date, Minto Ltd's equities had share capital of $200,000 and retained profits of $35,000. On the control date, the fair value of Minto Ltd's net assets was $40,000 higher than their carrying amount. How much consolidation goodwill/bargain purchase gain should be reported in the consolidated financial statements?

a. $55,000 consolidation goodwill

b. $15,000 consolidation goodwill

c. $15,000 consolidation bargain purchase gain

d. $55,000 consolidation bargain purchase gain

Reference no: EM132982834

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