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AutoSave OM File Home Insert Draw ACC204-Corporate Accounting Assignment -0120-Marking Guide - Excel Review View Help Search Page Layout Formulas Data B1 11201609 D M The assignment must be rsped use Anal font, 12. to avoid plagiarism, make sure you do proper referencing a WORD format file soft copy to be submitted in loodle before the due date Please ensure you provide your ID numbers and fill name at the first page Late assignments will be penalised, 5 of total available was deduction per day Assignment Question 9 10 Nina Ltd purchased 99% of the issued shares of Carl Ltd for $2141000 on 1 July 2018 when the equity of Carl Ltd was as follows: 11 12 Share capital 856400 13 Asset revaluation surpluss 642300 14 Retained earnings 321150 At this date, Carl Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings: 15 Account Carrying Further Cost Fair value 16 Amount life(Years) 17 inventories $64,200 $70,600 18 Land $161,000 $177,000 19 Furniture $248,750 $199,000 $239,000 5 Carl Ltd identified at acquisition date a contingent liability related to 20 a lawsuit where Carl Ltd was sued by a former supplier $26,000 Carl Ltd had unrecorded and internally generated Patent with the 21 FairValue of: $64,000 Carl Ltd had unrecorded and internally generated in process 22 research and development with the FairValue of: $48,000 23 60% of inventory on hand at 1 July 2018 were sold by 30 June 2019. Further life of the assets are listed on the above table. Partial goodwill method is under use and Tax rate: 30% Active Assignment question AutoSave a File Home Insert Draw Page Layout Formulas ACC204-Corporate Accounting Assignment 0120-Marking Guide Excel Review View Help Search 31 Data ! X 11701609 E F G K 19 Furniture $248,750 $199,000 $239,000 Carl Ltd identified at acquisition date a contingent liability related to 20 a lawsuit where Carl Ltd was sued by a former supplier $26,000 Carl Ltd had unrecorded and internally generated Patent with the 21 FairValue of: $64,000 Carl Ltd had unrecorded and internally generated in process 22 research and development with the FairValue of: $18,000 60% of inventory on hand at 1 July 2018 were sold by 30 June 2019. Further life of the assets are listed on the above table. Partial goodwill method is under me and tax rate: 30% 23 24 25 Required 26 1. Prepare the acquisition analysis at acquisition date. 27 2- Prepare the business combination valuation entries and pre-acquisition entry at acquisition date. 28 - Prepare the journal entry to recognise NCI at acquisition date. 29 4. Prepare the consolidation worksheet entries at 30 June 2019. Assume a profit for Carl tid for the year ended lune 2019 of 900 30 S- Explain how the step 1 to 4 will change if the full goodwill method is used. 31 6. list and explain the accounting standards Issues relevant to the consolidation process. 32 7. Compare in detail the current situation with the case that Nina Ltd acquires only 20% of issued shares of Carltd with a significant influence on Carltd. 33 34 35 36 37 38 39 40 Assignment question O I I Type here to search AutoSave OM File Home Insert Draw ACC204-Corporate Accounting Assignment -0120-Marking Guide - Excel Review View Help Search Page Layout Formulas Data B1 11201609 D M The assignment must be rsped use Anal font, 12. to avoid plagiarism, make sure you do proper referencing a WORD format file soft copy to be submitted in loodle before the due date Please ensure you provide your ID numbers and fill name at the first page Late assignments will be penalised, 5 of total available was deduction per day Assignment Question 9 10 Nina Ltd purchased 99% of the issued shares of Carl Ltd for $2141000 on 1 July 2018 when the equity of Carl Ltd was as follows: 11 12 Share capital 856400 13 Asset revaluation surpluss 642300 14 Retained earnings 321150 At this date, Carl Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings: 15 Account Carrying Further Cost Fair value 16 Amount life(Years) 17 inventories $64,200 $70,600 18 Land $161,000 $177,000 19 Furniture $248,750 $199,000 $239,000 5 Carl Ltd identified at acquisition date a contingent liability related to 20 a lawsuit where Carl Ltd was sued by a former supplier $26,000 Carl Ltd had unrecorded and internally generated Patent with the 21 FairValue of: $64,000 Carl Ltd had unrecorded and internally generated in process 22 research and development with the FairValue of: $48,000 23 60% of inventory on hand at 1 July 2018 were sold by 30 June 2019. Further life of the assets are listed on the above table. Partial goodwill method is under use and Tax rate: 30% Active Assignment question AutoSave a File Home Insert Draw Page Layout Formulas ACC204-Corporate Accounting Assignment 0120-Marking Guide Excel Review View Help Search 31 Data ! X 11701609 E F G K 19 Furniture $248,750 $199,000 $239,000 Carl Ltd identified at acquisition date a contingent liability related to 20 a lawsuit where Carl Ltd was sued by a former supplier $26,000 Carl Ltd had unrecorded and internally generated Patent with the 21 FairValue of: $64,000 Carl Ltd had unrecorded and internally generated in process 22 research and development with the FairValue of: $18,000 60% of inventory on hand at 1 July 2018 were sold by 30 June 2019. Further life of the assets are listed on the above table. Partial goodwill method is under me and tax rate: 30% 23 24 25 Required 26 1. Prepare the acquisition analysis at acquisition date. 27 2- Prepare the business combination valuation entries and pre-acquisition entry at acquisition date. 28 - Prepare the journal entry to recognise NCI at acquisition date. 29 4. Prepare the consolidation worksheet entries at 30 June 2019. Assume a profit for Carl tid for the year ended lune 2019 of 900 30 S- Explain how the step 1 to 4 will change if the full goodwill method is used. 31 6. list and explain the accounting standards Issues relevant to the consolidation process. 32 7. Compare in detail the current situation with the case that Nina Ltd acquires only 20% of issued shares of Carltd with a significant influence on Carltd. 33 34 35 36 37 38 39 40 Assignment question O I I Type here to search
