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Prepare the consolidation adjustments

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Reference no: EM132656306

On 1st July, 2018 Nile Ltd Ltd acquired 70% of the share capital of Amazon Ltd for $80,000,000. Equity of Amazon Ltd at acquisition date was:

Share Capital $ 52,000,000

General Reserve $ 20,000,000

Retained Earnings $ 10,000,000

All assets of Amazon Ltd were recorded at fair value on acquisition, except for one property which had a fair value which was $2,000,000 lower than its carrying amount. The cost of the property was $20,000,000 with accumulated depreciation of $12,000,000

Problem 1: Prepare the consolidation adjustments and eliminations entries and recognise the NCI in the pre-acquisition equity of Amazon Ltd, assuming that the NCI was measured at the proportionate share of the acquiree's identifiable net assets.

Reference no: EM132656306

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