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Prepare the acquisition analysis as at acquisition date

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Reference no: EM133003277

Question - On 1 July 2017, Van Ltd acquired 75% of the issued shares of Couver Ltd for $3,550,000 cash and the transfer of a patent which had a fair value of $700,000.

The separate accounting records of Van Ltd at 1 July 2017 include the following balances: Contributed equity of $4,000,000 and Retained earnings of $1,200,000. At the date of acquisition, all assets of Couver Ltd were recorded at fair value except for land which had a carrying amount of $364,000. The land had a fair value of $884,000. A contingent liability relating to an unsettled legal claim with a fair value of $400,000 was recorded in the notes of Couver Ltd's financial statements. The tax rate is 30%. Prepare the acquisition analysis as at acquisition date?

Reference no: EM133003277

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