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On 30 June 2020, Ice Ltd acquired all the issued shares (cum div.) of Cream Ltd for $323 000. At this date, the financial statements of Cream Ltd showed the following balances in its accounts.
Share Capital $ 186 000
Retained earnings $ 128 000
General Reserve $ 37 000
Dividend Payable $ 27 000
At acquisition date, all the identifiable assets and liabilities of Cream Ltd were recorded at amounts equal to fair value except for the following:
Carrying amount Fair value
Inventories $15 000 $36 000
Plant (cost $100 000) $60 000 $66 000
The company tax rate is 30%.
Problem1 : What is the amount of Goodwill or Gain on Bargain Purchase arising from the business combination? Please enter a positive number to indicate Goodwill or a negative number to indicate Gain on Bargain Purchase.
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