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What amount will be shown as investment in associate

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Question - On 1 October 2019 A-Star Co acquired 15 million of B-Star Co's 50 million shares in exchange for 40 million of its own shares. The fair value of A-Star Co's shares at the date of this share exchange was $2 each.

B-Star Co's profit is subject to seasonal variation. Its profit for the year ended 31 March 2020 was E60 million. E20 million of this profit was made from 1 April 2019 to 30 September 2019.

A-Star Co has one subsidiary and no other investments apart from B-Star Co.

What amount will be shown as 'investment in associate' in the consolidated statement of financial position of A-Star Co as at 31 March 2020?

Reference no: EM133105662

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