Alpha Ltd acquired 30 of the voting shares of Beta Ltd on 1 July 2014 for $70,000cash At the date of acquisition the shareholders' equity of Beta is as follows Share Capital 120,000 Retained earnings 80,000 200,000 All assets are recorded at their fair value at the date of acquisition During the 2014 2015 year, Beta Ltd reported a profit after tax of $80,000, and paid a $20,000 dividend The asset revaluation surplus increased by $2,000 Which of the followingaccounting journalat1July2014iscorrect related to the purchase of the associate Assuming the tax rate of 30 Dr Investment in Beta Ltd $80,000 Cr Retained earnings $80,000 Dr Investment in Beta Ltd $70,000 Cr Retained earnings $70,000 Dr Investment in Beta Ltd $10,000 Cr Share of profit of associate$10,000 Dr Investment in Beta Ltd $21,000 Cr Cash $21,000 Dr Investment in Beta Ltd $3,000 Cr Share of profit of associate$3,000 Dr Cash $70,000 Cr Investment in Beta Ltd $70,000 None of the above

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Alpha Ltd acquired 30  of the voting shares of Beta Ltd on 1 July 2014 for $70,000cash At the date of acquisition the shareholders' equity of Beta is as follows  Share Capital 120,000 Retained earnings 80,000 200,000 All assets are recorded at their fair value at the date of acquisition  During the 2014 2015 year, Beta Ltd reported a profit after tax of $80,000, and paid a $20,000 dividend  The asset revaluation surplus increased by $2,000  Which of the followingaccounting journalat1July2014iscorrect related to the purchase of the associate Assuming the tax rate of 30   Dr Investment in Beta Ltd $80,000 Cr Retained earnings $80,000 Dr Investment in Beta Ltd $70,000 Cr Retained earnings $70,000 Dr Investment in Beta Ltd $10,000 Cr Share of profit of associate$10,000 Dr Investment in Beta Ltd $21,000 Cr Cash $21,000 Dr Investment in Beta Ltd $3,000 Cr Share of profit of associate$3,000 Dr Cash $70,000 Cr Investment in Beta Ltd $70,000 None of the above

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Alpha Ltd acquired 30% of the voting shares of Beta Ltd on 1 July 2014 for $70,000cash.At the date of acquisition the shareholders' equity of

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