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Prepare the necessary journal entries under partial goodwill

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Reference no: EM132540405

XYZ Ltd acquired a 70% interest in ABC Ltd on 1 July 2020 for $500,000. On the same date, the balance of shareholders' equity of S Ltd comprised:

Share capital              $50,000

General reserve           10,000

Retained earnings          15,000

                                 75,000

All assets are recorded at their fair values except for an item of buildings, which had a fair value of $500,000 and a carrying amount of $350,000 (original cost $400,000). The building has remaining life of 10 years.

The fair value of the Non-Controlling Interest (NCI) in ABC Ltd on 1 July 2020 was $50,000.

Required

Question 1. Calculate acquisition analysis using partial goodwill method ?

Question 2. Prepare the necessary journal entries under partial goodwill method ?

Reference no: EM132540405

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