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Based on IFRS 10 On 1 January 2017, Portugal Berhad acquired a 100% interest n Spain Berhad paying RM500,000 in cash and the balance by
Based on IFRS 10
On 1 January 2017, Portugal Berhad acquired a 100% interest n Spain Berhad paying RM500,000 in cash and the balance by issuing 200,000 Portugal's Berhad ordinary shares with a market value of RM2.50 each. The respective statements of financial position of the two companies immediately before the acquisition on that date are as follows: In arriving at the purchase consideration, the buyer and seller took into account the following items: The fair value of Spain Berhad's properties was RM500,000: and Spain Berhad owned patents and licences worth RM200,000. Prepare the consolidated statement of financial position immediately after the acquisition of shares in Spain BerhadStep by Step Solution
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