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On 1 July 2017, Sun Ltd acquired all the issued capital of Moon Ltd for a cash payment of $710 000 when the equity of Moon Ltd was:
Share capital $580,000 Retained earnings $ 50,000
Problem 1: Prepare an acquisition analysis and determine the amount of goodwill or gain on bargain purchase at acquisition.
Problem 2: Prepare the acquisition elimination journal entries for consolidation as at 30 June 2020.
Problem 3: Goodwill has been impaired by $10 000 for the year ending 30 June 2020. Previous impairments to goodwill recorded in prior years total $8 000.Prepare the consolidation elimination journal entries for the year ending 30 June 2020.
Problem 4: Moon Ltd is charged management fees every month by Sun Ltd. During the year ending 30 June 2020, Moon Ltd paid a total of $20 800 in management fees to Sun Ltd.Moon Ltd's management fee payable balance was $6 100 at 30 June 2019, but this had dropped to $4 200 on 30 June 2020. Prepare the consolidation elimination journal entries for the year ending 30 June 2020.
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