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Make the necessary CJEs on December

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Reference no: EM132626585

H Ltd acquired 93% of the shares of S Ltd in 2 stages, initially purchasing 75% of its shares way back on 1 April 2008, paying $900,000 cash. After many years, it recently purchased an additional 18% on 1 January 2017, at a similar price of $900,000.

The retained earnings of S Ltd on three particular dates are as follows:

1 April 2008                 $ 680,000

1 January 2017           $ 2,950,000

31 December 2017        $ 3,300,000

S Ltd's share capital has remained unchanged at $500,000. Since the formation of the company, it has never paid any dividends and it keeps no other reserves besides retained earnings.

Required:

Question 1: Required to be make the necessary CJEs on 31 December 2017. Narrations are not required.

Reference no: EM132626585

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