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Prepare the pre-acquisition entries at july

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Reference no: EM132595279

On 1 July 2019, Max Ltd acquired all the issued shares of Rodney Ltd for $200 000. The financial statements of Rodney Ltd showed the equity of Rodney Ltd at that date to be :

Share capital -20 000$ 5 shares $100,000

General reserve $ 40,000

Retained earning $ 60,000

All the assets and liabilities of Rodney Ltd were recorded at amounts equal to their fair values at that date. During the year ending 30 June 2020, Rodney Ltd undertook the following actions.

  • On 10 September 2019, paid a dividend of $20 000 from the profits earned prior to 1 July 2019.
  • On 28 June 2020, declared a dividend of $20 000 to be paid on 15 August 2020.
  • On 1 January 2020, transferred $15 000 from the general reserve existing at 1 July 2019 to retained earnings.

Required

Question 1: Prepare the pre-acquisition entries at 1 July 2019

Reference no: EM132595279

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