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Question - Investor Ltd acquires 30% of the shares of Associate Ltd on 1 July for $75,000 and has significant influence. Investor Ltd does not prepare consolidated financial statements.
Required - Using the equity method:
a) Prepare a journal entry to recognise the initial investment. Include narrations.
b) During the following financial year, Associate Ltd reported after-tax profit of $52,500 and foreign currency translation reserve (in OCI) increased by $27,000.
Associate Ltd also paid a $19,500 dividend and transferred $10,500 to plant maintenance reserve. Prepare journal entries to recognise these transactions. Include narrations.
c) Calculate the carrying amount of the investment at the end of the first year.
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