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Problem - Kombie Led acquired 90% interest in Boomer Led on 1 January 2019 for $230,000. At that date, Boomer Ltd's equity consisted of share capital of $200,000 and retained earnings of $50,000. The fair value of the NCI in Subsidiary Led at 1 January 2019 was $29,000. In February 2019, Boomer Ltd sold a piece of land (carried in its books at $250,000) to Kombie Ltd for $260,000. Total profit reported by Boomer Lid for the year ended 30 June 2019 and 2020 were $280,000 and $230,000 respectively. Kombie Ltd is using a partial good will method. Calculate the goodwill and prepare the consolidation worksheet entries at 30 June 2020 for Kombie Ltd group. Narrations are not required. Show brief workings.
Financial Statement Analysis and Preparation
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