Corporate Accounting Consolidation Worksheet Journal Entry Homework Help
- August 9, 2017
- Posted by:
- Category: Accounting QA
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On 1 July 2008, Dove Ltd acquired 75% of the shares of Tail Ltd for $54,700. At this date the equity of Tail Ltd consisted of
Share capital $40,000
General reserve $ 5,000
Retained earnings $ 7,000
At the acquisition date, the assets and liabilities of Tail Ltd were recorded at fair value except for the Plant & Equipment
Carrying Amount | Fair Value | |
Plant & Equipment (cost $230,000) | $180,000 | $200,000 |
• The fair value of the non-controlling interest (NCI) in Tail Ltd at 1 July 2008 was $19,000.
• The tax rate is 30%.
• During the year ended 30 June 2010, the goodwill was impaired by $2,000.
• For the year ended 30 June 2010, Tail Ltd recorded an after-tax profit of $25,000.
• On 1 January 2009, Tail Ltd sold an item of plant to Dove Ltd for $150,000, recording a before-tax profit of $20,000.
• Both entities depreciate Plant & Equipment using the straight-line method at 10% per annum.
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Required
a) Using the full goodwill method, prepare the acquisition analysis to determine the value of goodwill acquired at 1 July 2008.
b) Prepare the consolidation worksheet journal entry to record this goodwill at 1 July 2008.
c) Prepare the consolidation worksheet journal entry to record the impairment of goodwill during the year ended 30 June 2010.
d) Calculate the NCI Share of Profit for the year ended 30 June 2010 and prepare the consolidation worksheet journal entry to record this NCI Share of Profit.
e) Prepare the consolidation worksheet journal entry for the year ended 30 June 2010 that relates to the plant sold on 1 January 2009.
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