Reference no: EM132703387
On 1 July 2020, Hood Ltd acquired 100% of the issued shares of Robin Ltd on a cum div. basis. The fair value of the consideration paid was measured at $190,350. At this date, the records of Robin Ltd included the following information:
Share Capital $100,000
Retained Earnings $50,000
Asset Revaluation reserve $15,000
Dividends payable $5,000
Goodwill $3,000
The dividend liability at 1 July 2020 was paid in September 2020. At 1 July 2020, all the identifiable assets and liabilities of Robin Ltd were recorded in the subsidiary's books at fair value except for the following assets:
Carrying Amount Fair Value
Inventory $50,000 $58,000
Property and Equipment $100,000 $120,000
The inventory was all sold by 30 June 2021. The Property and equipment has a further 5-year life and is depreciated on a straight-line basis. Goodwill was not impaired in any period. When assets are sold or fully consumed, any relating business combination valuation reserve is transferred to retained earnings. The tax rate is 30%.
Question 1: prepare acquisition analysis as at 1 July 2020
Question 2: Prepare the pre-acquisition entries at 30 June 2021
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: On 1 July 2020, Hood Ltd acquired 100% of the issued shares of Robin Ltd on a cum div. Prepare the pre-acquisition entries at 30 June 2021
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