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Question - On 1 July 2020, Kerry Ltd acquired 100% of the issued shares of James Ltd on a cum div. basis.
The fair value of the consideration paid was measured at $250,000. At this date, the records of James Ltd included the following information:
Share Capital $200,000
Retained Earnings $20,000
Asset Revaluation reserve $5,000
Dividends payable $5,000
Goodwill $2,000
The dividend liability at 1 July 2020 was paid in September 2020. At 1 July 2020, all the identifiable assets and liabilities of James Ltd were recorded in the subsidiary's books at fair value except for the following assets:
Carrying Amount
Fair Value
Inventory
$40,000
$56,000
Property and Equipment
$100,000
$115,000
Required - Prepare the pre-acquisition entries at 30 June 2021.
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