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Prepare Acquisition analysis as at July

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Reference no: EM132987770

Question - On 1 July 2021, Xero Ltd acquired 90% of the issued shares of Accounting Ltd for $750,000 when the equity of Accounting Ltd consisted of:

Share Capital $400,000

Retained Earnings $150,000

Asset Revaluation reserve $50,000

At the acquisition date all the identifiable assets and liabilities of Accounting Ltd were recorded at fair value except for the following assets:

Carrying Amount Fair Value

Equipment (Cost $100,000) $160,000 $200,000

Land $560,000 $700,000

The NCI at acquisition date is measured based on the proportionate share of the identifiable assets and liabilities in Accounting Ltd. The tax rate is 30%.

Required - Prepare Acquisition analysis as at 1 July 2021?

Reference no: EM132987770

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