Assignment Question 227000 on 01 July 2020, Sunshine Manufacturing Ltd acquired all the same shares of Goticoast Ltd for 3 The equity of Goldcoast at this date is as follows: Share capital 3 65000 Retained earings 3800 Al the identifiable assets and labilities of Goldcoast Ltd were recorded at amounts exal to their fair values al acquisition date except for Inventory Equipment (the costis Carrying amount 17000 22000 Favalt 17800 22500 35000) 5 years The equipment was considered to have a further useful life: Of the inventory 75% was sold by 30 June 2001 The folowing information was provided by the two companies at 30 June 2021. Profit before tax Income taxexpense Profit for the year Retained earnings (01/07/2020) Ret eamings (c30/08/2021) Share capital Retained earnings General reserve Asset revaluation surplus Labilities Sunshine Goldcoast 112000 12500 58000 4200 84000 8300 80000 38000 144000 44300 380000 65000 144000 44300 10000 0 18500 0 128500 22000 881000 131300 129000 20000 380000 125800 -110000 -33000 55000 18700 227000 281000 1313.00 Land Plant and Equipment Accumulated depreciation inventory Investment in Goldcoast In addition, there are some intra-group transactions between Sunshine and Goldcoast shown bebw: a. During the year, Sunshine sold inventory costing 2500 b Goldcoast for 4200. At the end of the year, 30% of the inventory is stil held on hand by Goldcoast b. on 1 January 2021, Goldcoast sold a panto Sunshine. The plant has carrying amount of 110,000. Tomson so dit to Sunshine for 125,000 The remaining useful life is estimated to be 5 years. Required Prepare the Acquisition analysis and consolidated financial statements of Sunshine Manufacturing Lo at 30 June 2021 using consolidation worksheet Focus 1190 Assignment Question 227000 on 01 July 2020, Sunshine Manufacturing Ltd acquired all the same shares of Goticoast Ltd for 3 The equity of Goldcoast at this date is as follows: Share capital 3 65000 Retained earings 3800 Al the identifiable assets and labilities of Goldcoast Ltd were recorded at amounts exal to their fair values al acquisition date except for Inventory Equipment (the costis Carrying amount 17000 22000 Favalt 17800 22500 35000) 5 years The equipment was considered to have a further useful life: Of the inventory 75% was sold by 30 June 2001 The folowing information was provided by the two companies at 30 June 2021. Profit before tax Income taxexpense Profit for the year Retained earnings (01/07/2020) Ret eamings (c30/08/2021) Share capital Retained earnings General reserve Asset revaluation surplus Labilities Sunshine Goldcoast 112000 12500 58000 4200 84000 8300 80000 38000 144000 44300 380000 65000 144000 44300 10000 0 18500 0 128500 22000 881000 131300 129000 20000 380000 125800 -110000 -33000 55000 18700 227000 281000 1313.00 Land Plant and Equipment Accumulated depreciation inventory Investment in Goldcoast In addition, there are some intra-group transactions between Sunshine and Goldcoast shown bebw: a. During the year, Sunshine sold inventory costing 2500 b Goldcoast for 4200. At the end of the year, 30% of the inventory is stil held on hand by Goldcoast b. on 1 January 2021, Goldcoast sold a panto Sunshine. The plant has carrying amount of 110,000. Tomson so dit to Sunshine for 125,000 The remaining useful life is estimated to be 5 years. Required Prepare the Acquisition analysis and consolidated financial statements of Sunshine Manufacturing Lo at 30 June 2021 using consolidation worksheet Focus 1190