Reference no: EM132880143
Question - Below are statements of financial position of three entities as at 30 September 20X8
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Pride $000
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Spice $000
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Also $000
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Non-current assets
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Property, plant and equipment
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14,000
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7,500
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3,000
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Investments
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10,000
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-
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-
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24,000
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7,500
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3,000
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Current assets
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6,000
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3,000
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1,500
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30,000
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10,500
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4,500
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Equity
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Share capital ($1 ordinary shares)
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10,000
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1,000
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500
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Retained earnings
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7,500
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6,500
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2,500
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17,500
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7,500
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3,000
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Non-current liabilities
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8,000
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1,250
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500
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Current liabilities
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4,500
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1,750
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1,000
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30,000
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10,500
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4,500
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Further information:
(i) Pride acquired 75% of the equity share capital of Spice several years ago, paying $5 million in cash. At the time, the fair value of the identifiable net assets acquired amounted to $4,200,000. The excess of fair value is attributed to non-depreciable land. Share capital of the subsidiary has remained the same, but at acquisition the balance on Spice's retained earnings was $3 million.
(ii) Pride disposed of 15% equity interest in Spice on 30 April 20X8 for a cash consideration of $1,245,000. The carrying amount of the net assets of Spice at 30 April 20X8 was $5,500,000. The original purchased goodwill amounted to $2,800,000.
(iii) Pride acquired 30% of the equity share capital of Also on 1 October 20X6, paying $750,000 in cash. At 1 October 20X7 the balance on Also's retained earnings was $1.3 million. On 1 January 20X8 Pride acquired a further 25% of Also for $700,000 when the fair value of the NCI was $1.2 million, and that of the existing 30% holding was $870,000.
(iv) Non-controlling interests are valued using the fair value method. The fair value of the non-controlling interest in Spice at the date of acquisition was $2.0 million.
Required - Prepare Pride Group's consolidated statement of financial position as at 30 September 20X8.
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