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Giant Ltd acquired 80 percent share capital of Expert Ltd. On 1 July 2018 for a cost of $1,600,000. As at the date of acquisition, all assets and liabilities of Expert Ltd were fairly valued except a land that has a carrying value $150,000 less than the fair value. The recorded balance of equity of Expert Ltd as at 1 July 2018 were as:
Share capital $800,000
Retained earnings $200,000
General Reserve $400,000
Total $1,400,000
Additional information:
Required:
Question a) Based on the above information, calculate the non-controlling interest as at 30 June 2019.
Question b) Prepare the necessary journal entries to recognise the non-controlling interest as at 30 June 2019.
On August 30, Belen sold the remaining shares at $42 per share. Journalize the transactions of June 5, July 15, and August 30.
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Joe Corporation is a C Corporation whose assets have a total basis of $5,000,000 and a replacement cost of $15,000,000. All of the appreciation is in the value of its patents and other intangible assets. The corporation has $3,000,000 in liabilities...
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