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On 1 July 2020, Wayne Ltd acquired 40% of the shares in Vermont Ltd for $5,000. At acquisition the equity in Vermont Ltd consisted of Share Capital of $8,000 and Retained earnings of $4,500.
During the year ended 30 June 2021 the following events occurred:
Wayne Ltd is NOT a controlling entity (that is, Wayne DOES NOT prepare consolidated financial statements). The income tax rate is 30%.
Problem 1: Calculate Wayne Ltd's share of adjusted profit or loss of Vermont Ltd for the year ended 30 June 2021.
Problem 2: Prepare the relevant general journal entries from 1 July 2020 up to and including 30 June 2021 in the books of Wayne Ltd under the equity method in accordance with AASB 128 Investments in Associates.
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