Reference no: EM132787349
On 1 July 2019, Sunshine Ltd acquired all of the assets and liabilities
of Rain Ltd. In exchange for these assets and liabilities, Sunshine Ltd issued 300 000 shares that at date of issue had a fair value of $2 per share. Costs of issuing these shares amounted to $1600 and management costs associated amounted to $3 100. The asset and liabilities of Rain Ltd at 1 July 2019 were as follows:
Carrying amount Fair value
Assets
Cash at Bank $60,000 $60,000
Bills Receivable $33,000 $40,000
Inventory $66,000 $75,000
Plant $350,000 245,000
Accumulated depreciation - plant ($96,000)
Patent $220,000 $330,000
Liabilities Accounts Payable (91,000) ($90 000)
Mortgage ($55,000) ($80,000)
Required
Problem A. Prepare the acquisition analysis of Sunshine Ltd at 1 July 2019.
Problem B. Prepare the journal entries of the acquisition in the records of Sunshine Ltd at 1 July 2019.
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