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Question - On 1 July 2019 Sugar Ltd acquired 90% of the shares of Glider Ltd for $565,240. At this date the equity of Glider Ltd consisted of share capital of $370,000 and retained earnings of $190,000. All the identifiable asset and liabilities of Glider Ltd were recorded at amounts equal to fair value except for:
Carrying amount
Fair Value
Land
$180,000
$200,000
Plant (cost $380 000)
$300,000
$330,000
Inventories
$25,000
$35,000
The plant was considered to have a further 10-year life. All the inventory was sold by 30 June 2020. The tax rate is 30%. Sugar Ltd uses the partial goodwill method.
During the 2019-20 period Glider Ltd recorded a profit of $30,000.
Required - Prepare the consolidation worksheet entries for the preparation of the consolidated financial statements of Sugar Ltd at 30 June 2020.
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