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Calculate fv identifiable net assets for consolidation

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Reference no: EM132667008

At 1 July 2015, all the identifiable assets and liabilities of Subsidary were recorded at amounts equal to their fair values except for:

                                        Carrying amount            Fair value

Plant (cost $150 000)          $120 000                 $123 000
Patents                            $105 000                  $90 000
Inventory                      $18 000                       $22 500

The plant was considered to have a further 5-year life. The patents were sold for $120 000 to an external entity on 18 August 2015. The inventory was all sold by 30 June 2016

Problem 1: How do calculate the FV identifiable net assets for consolidation?

Reference no: EM132667008

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