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Make the journal entries for the pre-acquisition stage

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Question - Train Ltd acquired 60% of Engine Ltd for a cost of $345,600, when the equity of Engine Ltd consisted of:

Share Capital $80,000

General Reserve $4,000

Retained Earnings $4,000

All the identifiable assets and liabilities of Engine Ltd were recorded at fair value except for the following:

Carrying Amount Fair Value

Equipment (cost $500,000) $360,000 $400,000

Inventory $80,000 $100,000

Required - Make the journal entries for the pre-acquisition stage (i.e., Stage 1) of recording the Non-Controlling Interest (NCI) using the partial goodwill method.

Reference no: EM132620527

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