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River Ltd acquired a 25% interest (enough to constitute a significant influence) in Tree Ltd for $70,000 on 1 July 2017. At acquisition date, all the identifiable assets and liabilities of Tree Ltd were recorded at amounts equal to fair value, except for an item of plant whose fair value was $20,000 higher than its carrying amount. The equity of Tree Ltd at the date of acquisition totalled $210,000.
Additional information:
Problem A. Assume River Ltd does not prepare consolidated financial statements. Prepare the journal entries in the records of River Ltd for the years ended 30 June 2018 and 30 June 2019 in relation to the investment in Tree Ltd.
Problem B. Assume River Ltd does prepare consolidated financial statements. Prepare the consolidated worksheet entries for the year ended 30 June 2019 for inclusion of the equity accounted results of Tree Ltd.
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