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Furniture Limited acquired 80% of the shares in Maserati Limited for a cash consideration of $180 000. At acquisition date, share capital in Maserati Limited was $100 000 and reserves amounted to $50 000. All assets and liabilities of Maserati Limited were recorded at fair value at acquisition date except buildings which was recorded at $10 000 below fair value. The company tax rate was 28% and the partial goodwill method was adopted by Furniture Limited to value its Non-controlling Interest.
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Question 1: Prepare the appropriate consolidation journal entry to eliminate the investment in Maserati Ltd on acquisition date.
Determine What is the parent's share of consolidated net income for 2018 if Ackerman owns only 90 percent of Brannigan and the equipment.
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