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At the date of acquisition, S Ltd recorded the following:
Share Capital $310,000
P Ltd acquired 85% ordinary shares () in S Ltd on 1 July 2020 for a cash consideration of $340,000. The remaining 15% ordinary shares in S Ltd were acquired by P Ltd in July 2018, and had a fair value of $60,000 on 1 July 2020.
Retained Earnings $46,500
General Reserve $31,000
All assets of S Ltd were recorded at amounts equal to their fair values except (1) an unrecorded asset relating to internally generated trademarks that had a fair value of $5,000 and (2) an unreported contingent liabiltiy that had a fair value of $8,000. The records of S Ltd also show that the company had reported goodwill at $4,000 and a dividend declared of $15,000 at the acquisition date.
Problem 1: Prepare consolidation worksheet entries on 1 July 2020. Assume the company tax rate is 30%.
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