19) The worksheet journal entry to record the effect of additional purchase of shares on 1 January 2010 includes?

Hornet plc acquired 75% of the equity share capital of Alton on 1 January 2009 for a cash consideration of $ 4.5 M. The fair value of net assets of Alton at this date was $5 and full goodwill method is used. During 2009 until 31 December 2009 Alton made a net income of $2. On 1 January 2010, Hornet acquired an additional 10% of equity of Alton for $ 1.5M. On 1 January 2010, identifiable net assets of Alton were included in the consolidated statement of financial position at $ 7M.

Select one: a. A debit to Retained Earnings for $0.7 b. A credit to non-controlling interests for $2 c. A credit to Retained Earnings for $1.2 d. A debit to non-controlling interests for $0.5

18) Non-Controlling interest on 1 January 2009 is?

Hornet plc acquired 75% of the equity share capital of Alton on 1 January 2009 for a cash consideration of $ 4.5 M. The fair value of net assets of Alton at this date was $5 and full goodwill method is used. During 2009 until 31 December 2009 Alton made a net income of $2. On 1 January 2010, Hornet acquired an additional 10% of equity of Alton for $ 1.5M. On 1 January 2010, identifiable net assets of Alton were included in the consolidated statement of financial position at $ 7M.

Select one: a. 1.5 b. 1.25 c. 1.8 d. 0.75

17) The goodwill recognized on 1 January 2009 is?

Hornet plc acquired 75% of the equity share capital of Alton on 1 January 2009 for a cash consideration of $ 4.5 M. The fair value of net assets of Alton at this date was $5 and full goodwill method is used. During 2009 until 31 December 2009 Alton made a net income of $2. On 1 January 2010, Hornet acquired an additional 10% of equity of Alton for $ 1.5M. On 1 January 2010, identifiable net assets of Alton were included in the consolidated statement of financial position at $ 7M.

Select one: a. 1 b. 1.6 c. Negative Goodwill of 0.5 d. 0.75

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