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Record the consolidation entries for June

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Reference no: EM133052321

Question - Shohei Ltd owns 100% of Ohtani Led acquired on 1 July 2018 for $3.25 Million when the shareholders funds of Ohtani Ltd were:

Share Capital 1,750,000

Retained Earnings 1,400,000

Total 3,150,000

All assets of Ohtani Ltd were stated at fair value on the date of acquisition.

(a) The directors believe that there has been an impairment loss on goodwill of $35,000 for the year ended 30 June 2021.

(b) During the 2020-21 financial year Shohei Ltd sells inventory to Ohtani Ltd at a sales price of $700,000. The inventory cost Shohei Ltd $420,000to produce. At 30 June 2021 half of the inventory is still on hand with Ohtani Ltd. The tax rate is 30%.

Record the consolidation entries for 30 June 2021?

Reference no: EM133052321

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