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Hammer Ltd acquired all the issued capital of Nail Ltd on 1 July 2019 for cash consideration of $1,500,000. The fair value of the net assets of Nail Ltd at that date was $1.2 million as follows:
Share capital $1,000,000Retained earnings 200,000Total equity 1,200,000
During the period ended 30 June 2020, Nail Ltd declared a dividend of $200 000 that is identified as being paid out of post-acquisition profits. Goodwill had been determined to have been impaired by $15,000 during the period.
Required:
Problem 1: Prepare consolidation journal entries that would be required to prepare group accounts for the period ended 30 June 2020.
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