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Question - Larry Ltd purchased all the shares of John Ltd on 31 December 20X3. John's assets were recorded at fair value except for the following:
Land:
Carrying amount $47,000
Fair value $70,000
Inventory:
Carrying amount $23,000
Fair value $21,000
Equipment:
Carrying amount $50,000
Fair value $75,000
Additional information for the above assets:
-John uses the AASB 116 cost model to measure the land and equipment. However, for group/consolidation purposes, revaluation to fair value is the model applied.
-Fair value of the land at 31 December 20X4 was $90,000.
-John's inventory held at the control date was still in stock as at 31 December 20X4.
-The equipment had a remaining useful life of 5 years at the control date. The residual value is nil. The equipment originally cost $70,000.Required:
Required - Prepare entries for the required consolidation data adjustments on 31 December 20X4, the year end.
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