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Prepare consolidation journal entries to prepare accounts

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Problem - ABC Ltd acquired all the issued capital of XYZ Ltd on 1 July 2025 for cash consideration of $1.5 million. The fair value of the net assets of XYZ Ltd Not yet answered at that date was $1.2 million as follows:

Share capital - 1000 000

Retained earnings - 200 000

Total equity 200 000

During the period ended 30 June 2026, XYZ 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 - Prepare consolidation journal entries to prepare group accounts for the period ended 30 June 2026?

Reference no: EM132711672

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