Reference no: EM133021044
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?
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