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Question - Partial Goodwill Method - Green Ltd acquired 90% of the shares (ex div.) of Yellow Ltd on 1 July 2013 for $250 000. At this date, the equity of Yellow Ltd consisted of:
Share capital
$140,000
General Reserve
25,000
Retained earnings
70,000
At acquisition date all the identifiable assets and liabilities of Yellow Ltd were recorded at amounts equal to fair value except the following:
Carrying Amount
Fair value
Inventory
30,000
45,000
Patent
85,000
90,000
Plant (cost 100,000)
80,000
Plant was depreciated at 10% using straight line method. Patent has definite life and existing goodwill of $5000 was recorded.
At 30 June 2019, the equity of Yellow Ltd consisted of:
40,000
During the 2019-20 year Yellow Ltd recorded a profit of $30,000.
Required - Prepare the consolidated worksheet entries at 30 June 2020 for Green Ltd assuming: Green Ltd adopts the partial goodwill method:
(1) Calculate Acquisition Analysis?
(2) Prepare all consolidation journal entries for 30/6/2020?
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