Reference no: EM13964733 , Length:
Part A:
1000 word short essay about the nature of business combination and required disclosures including referencing.
Part B:
On 1 July 2016, Mutt Ltd acquired all the issued shares of Jeff Ltd for $174 800. At this date the equity of Jeff Ltd consisted of share capital of $80 000 and retained earnings of $68 800. All the identifiable assets and liabilities of Jeff Ltd were recorded at amounts equal to fair value except for:
|
Carrying amount |
Fair value |
| Patent |
$60,000 |
$72,000 |
| Plant(net of $40,000 depreciation) |
40,000 |
48,000 |
| Inventory |
21,600 |
28,000 |
The patent was considered to have an indefinite life. It was calculated that the plant had a further life of 10 years, and was depreciated on a straight-line basis. All the inventory was sold by 30 June 2017.
In June 2017, Jeff Ltd conducted an impairment test on the patent, as it was considered to have an indefinite life, and the goodwill. As a result, the goodwill was considered to be impaired by $1200.
In May 2017, Jeff Ltd transferred $20 000 from the retained earnings on hand at 1 July 2016 to a general reserve. The tax rate is 30%.
Required
Prepare the consolidation worksheet adjustments entries at 1 July 2016 and 30 June 2017.
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