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Question - Morrison Ltd. acquired all the issued shares (cum. dividend) of Andrews Ltd. on 1 July 2020 for $150 000. At this date the equity of Andrews Ltd. was as follows:
Share Capital $54,000
Retained Earnings $36,000
General reserve $18,000
As at 1 July 2020, Andrews Ltd. had a dividend payable liability of $30 000. All the identifiable assets and liabilities of Andrews Ltd. were recorded at amounts equal to their fair values at acquisition date except for:
Carrying Amount
Fair Value
Inventory
$14,000
$16,000
Machinery (cost $100 000)
$92,500
$94,000
The tax rate is 30%.
Required - Make the pre-acquisition entries as at 1 July 2020?
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