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On 1 July 2018, Red Ltd acquired 60% of Blue Ltd's share capital for $500,000. At acquisition date, Blue Ltd's equity consisted of:
Share Capital $620,000Retained earnings $140,000General reserve $30,000
At acquisition date, all the identifiable assets and liabilities of Blue Ltd were recorded at amounts equal to fair value, except for a quantity of inventory whose fair value was $20,000 higher than its carrying amount.
Additional information relating to the year ended 30 June 2019:
Required:
Problem 1. Prepare the acquisition analysis as at date of acquisition using the partial goodwill method.
Problem 2. Prepare the journal entries required for consolidation purposes at 30 June 2019.
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