Prepare the consolidation worksheet entries

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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.

Reference no: EM132973481

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