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Prepare the consolidated worksheet entries at June

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Question - Green Ltd purchased 80 per cent of the issued capital of Maroon for consideration of $4 000 000 and in the process gained control over Maroon Ltd on 1 July 2015. The fair value of the net assets of Maroon Ltd at purchase was represented by:

Share capital 3,220,000

Retained earnings 740,000

Total 3,960,000

At acquisition date all the identifiable assets and liabilities of Maroon Ltd were recorded at amounts equal to fair value.

At 1 July 2015, the fair value of the non-controlling interest was $1 000 000 and Maroon Ltd adopts the full goodwill method.

At 30 June 2016, the equity of Maroon Ltd consisted of:

Share capital 3,220,000

Retained earnings 860,000

Total 3,960,000

During the 2015-16 financial year Maroon Ltd recorded a profit of $120 000.

Required -

a. Prepare acquisition analysis.

b. Prepare the consolidated worksheet entries at 30 June 2016 for Swamp Ltd.

Reference no: EM132565025

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