Question
continue: The tax rate is 30%. All non-controlling interest are valued at the proportionate share of the acquiree's identifiable net assets. Inventory on hand at
continue: The tax rate is 30%. All non-controlling interest are valued at the proportionate share of the acquiree's identifiable net assets. Inventory on hand at 30 June 2020 included goods obtained from within the group as follows:-Apple Ltd purchased from Banana Ltd, sale price was $10,000 and cost $7,500.-Apple Ltd purchased from Cherry Ltd, sale price was $20,000 and cost $18,500.-Banana Ltd purchased from Cherry Ltd, sale price was $15,000 and cost $13,800.The directors had applied the impairment test for goodwill annually and determined that a write-down of $3,090 is required for consolidation purposes at 30 June 2020 (write-down of goodwill in Banana Ltd is $440 and write-down of goodwill in Cherry Ltd is $2,650) with the same amounts deemed to be attributable for the prior period. All debentures (including the debenture from Cherry Ltd to Banana Ltd) is due 30 June 2030.Required:In the space provided - show goodwill entries, intragroup transactions and calculate direct and indirect non-controlling interest.
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