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Prepare consolidation worksheet entries on June

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Reference no: EM132840222

Question - CONSOLIDATION WORKSHEET ENTRIES - On 1 July 2019, ABC Ltd acquired all the issued shares of XYZ Ltd for $268,000. At this date, the equity of XYZ Ltd consisted of:

Share capital $150,000

General reserve 30,000

Retained earnings 50,000

All the identifiable assets and liabilities of XYZ Ltd were recorded at amounts equal to their fair values except for:

Carrying amount Fair value

Plant (cost 300,000) 250,000 280,000

Inventory 30,000 40,000

Plant can be used for another 5 years since the acquisition date. Inventory are sold by 30/6/2020. The tax rate is 30%.

Required -

PART A: Prepare acquisition analysis at 1 July 2019 by ABC Ltd.

PART B: Prepare consolidation worksheet entries on 30 June 2020.

Reference no: EM132840222

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