Reference no: EM132554421
On 1 January 2020, Aqua Ltd purchased all the shares of Marine Ltd for $2,000,000. The following extract provides information about Marine Ltd's financial position on that date.
$ $
Share Capital 1,500,000 Buildings 800,000
Retained Earnings 300,000 Accumulated Depreciation (500,000)
Reserves 200,000
Additional Information
The fair value of the buildings is $400,000. They have a remaining useful life of 25 years.
On 30 September 2020, Aqua sold a vehicle to Marine Ltd for $20,000. The vehicle was originally acquired for $40,000 and had been depreciated by $15,000. It has remaining useful life of 3 years.
Question i) Calculate the goodwill on acquisition, clearly indicating whether it is positive or negative.
Question ii) Prepare the pre-acquisition elimination entries on 31 December 2021
Question iii) Prepare any other elimination entries required on 31 December 2020
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