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7 Phantom acquired 70% of the GHS100,000 equity share capital of Ghost, its only subsidiary, for GHS200,000 on 1 January 20X9 when the retained earnings
7 Phantom acquired 70% of the GHS100,000 equity share capital of Ghost, its only subsidiary, for GHS200,000 on 1 January 20X9 when the retained earnings of Ghost were GHS156,000. At 31 December 20X9 retained earnings are as follows. GHS Phantom 275,000 Ghost 177,000 Phantom considers that goodwill on acquisition is impaired by 50%. Non-controlling interest is measured at fair value, estimated at GHS82,800. What are group retained earnings at 31 December 20X9? I GHS276,300 J GHS289,700 K GHS280,320 L GHS269,200
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