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Question - On 1 July 2019 Senses Ltd acquired 90% of the shares of Glider Ltd for $435 240. At this date the equity of Glider Ltd consisted of share capital of $300 000 and retained earnings of $120 000. All the identifiable asset and liabilities of Glider Ltd were recorded at amounts equal to fair value except for:
Carrying amount Fair Value
Land 80000 100000
Plant (Cost 380000) 300000 330000
Inventories 15000 18000
The plant was considered to have a further 10-year life. All the inventory was sold by 30 June 2020. The tax rate is 30%. Senses Ltd uses the partial goodwill method.
During the 2019-20 period Glider Ltd recorded a profit of $30 000.
Required - Prepare the consolidation worksheet entries for the preparation of the consolidated financial statements of Senses Ltd at 30 June 2020.
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