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Financial accounting exercises for intangibles.
A ltd acquired all the assets and liabilities of B ltd on 1 July 2014. At the date of acquisition, the carrying amount of B ltd identifiable net assets and their fair values are listed below.
Carrying amount
Fair values
Cash
20,000
Account receivable
800,000
780,000
Provision for doubtful debts
-10,000
-5,000
Inventory
1,600,000
1,480,000
Property, plant and equipment
2,100,000
1,800,000
Accumulated depreciation PP&E
-700,000
Account payable
900,000
Provision for long service leave
-140,000
-190,000
In addition, due diligence identified patents that were valued by an expert at $350,000, a customer list at $150,000 and contingent liabilities were reliably measured at $200,000. The price paid was $4,000,000 and did not include the legal costs of the business combination which were $80,000.
Required
Prepare the general journal entries to record the purchase by A Ltd under AASB 3 Business Combinations and the payments to B Ltd. Narrations are not required.
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