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Question - Equity Method
On January 1, 2018, Hannah Corporation acquired 40% of the outstanding common shares (400 of 1,000 outstanding shares) of Valley Manufacturing Ltd. for $60,000, which equals the book value of Valley. On December 31, 2018, Valley reported net income of $30,000 and declared and paid a $11,500 cash dividend.
Required -
1. Prepare the journal entries made by Hannah to record the transactions related to its investment in Valley.
2. Give the title and amount of each item (except cash) on the December 31, 2018, statement of financial position related to the investment. Name the statement of financial position section in which each item appears.
Discuss and critically evaluate the success of harmonisation. Choose a country as an example for illustration.
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