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Calculate the equity carrying amount of the investment

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Reference no: EM131580062

Question: Nero Ltd purchased a 30% per cent shareholding in Bianco Ltd on 1 January 20X8 for $180 000. Bianco Ltd's assets recorded at fair values and its owners' equity, totalling $520 000, was represented as follows:

Share capital $260 000

Reserves $120 000

Retained profits $100 000

Asset revaluation reserve $40 000

During July 20X8, Bianco Ltd paid an interim dividend of $18 000. At 31 December 20X8, Bianco Ltd reported:

Profit for 20X8 $48 000

Final dividend payable $14 000

A transfer to the general reserve $10 000

Increase of the asset revaluation reserve to $70 000

Calculate the equity carrying amount of the investment in Bianco Ltd at 31 December 20X8.

Reference no: EM131580062

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