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Question - Bruno acquired all the issued shares of Mars Ltd on 1 July 2020. All the identifiable assets and liabilities of Mars Ltd on the date of acquisition were recorded at amounts equal to their fair values except inventory. The carrying amount of inventory was $5000 lower than its fair value. Of the inventory, 60% was sold by 30 June 2021 and the remaining 40% by 30 June 2022.
Prepare the consolidation worksheet entries in relation to inventory for Bruno's group at 30 June 2021 and 30 June 2022. Assume the company tax rate is 30%.
Acquiree Co is a 90% owned subsidiary of Acquirer Co. How must Acquirer account for this transaction? Discuss your answer with proper citations to the tax code.
The investment by H Ltd. in shares of S Ltd. is Rs.36,00,000. Calculate the cost of control or capital reserve
Which is the better cost driver for the costs of a hospital's financial services department: patient services department revenues or number of bills generated? Explain your rationale.
The preference dividend for the current year, and a 1.50 dividend to ordinary shareholders. How much is the total dividend declared
What is the amount of total assets? Accounts payable 5,000 Common stock 68,000 Retained earnings 8,000. Miscellaneous expenses 20,000 Dividends 3,000
Bennie Gordon graduated with a master’s in accounting two years ago and now works as an accounting manager at the division level at Jet Energy Company headquartered in Winston-Salem, North Carolina. Develop an action plan to get your point of view ac..
Prepare the journal entries that would have been processed in the general journal of King Kindness on the dates underlined above in order to account
The current rate of return on a one-year bond is? 3%, and the current rate of return on a 2-year bond is? 2.5%. What is the expected rate of return
Discuss the implication of reporting NCI as a separate item of owner's equity.Non-controlling interest (NCI) is the ownership interest of those shareholders
Jackson, a friend of yours was running a retail business with some old friends. The rest of the shareholders were passive in the business. Prepare the financial statements about the given question.
If a new building has a replacement cost of $750,000, what is the minimum amount of insurance required to comply with an 80% coinsurance requirement
In recent years, it has been common for companies to experience significant stock price changes in reaction to announcements of massive layoffs. Critics charge that such events encourage companies to fire longtime employees and that Wall Street is ch..
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