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Crown Ltd is the ultimate entity in a group of companies. On 1 July 2018 Crown Ltd acquired a 35 percent interest in Party Ltd for a cash consideration of $469 000.
At the date of acquisition, the net assets of Party Ltd were recorded at fair value and are represented by equity as follows:
Share Capital: $985000
Retained Earnings: $355000
Total Shareholder's funds: $1340000
Additional information relating to the period ended 30 June 2020:
The opening Balance of Party's retained earnings as at 1 July 2019 was $530 000.
Party Ltd had an after-tax loss of $190 000 for the 2019/2020 period. Party Ltd declared a $60 000 dividend out of post-acquisition profits.
Required
Question 1: Prepare the appropriate general journal entries for the period ended 30 June 2020 for Crown Limited. Assume the company prepares consolidated financial statements (it is a parent entity as it controls several subsidiary companies).
Using the following Adjusted Trial Balance, (1) prepare an Income Statement, (2) Statement of Retained Earnings (note that Retained Earnings has a beginning balance of $78,600 as shown in the unadjusted Trial Balance), and (3) Balance Sheet.
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