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I need this answer as soon as possible . Best experts please take initiative.. I WILL SURELY APPRECIATE YOUR HELP Assignment Question 185.000 on 01
I need this answer as soon as possible . Best experts please take initiative.. I WILL SURELY APPRECIATE YOUR HELP
Assignment Question 185.000 on 01 July 2020 Yangzi Ltd acquired all the issued shares of Huang Ltd for $ The equity of Huong at this date is as follows: Share capital $ Retained earnings 68000 38000 All the identifiable assets and liabilities of Huong Ltd were recorded at amounts equal to their fair values at acquisition date except for: Inventory Equipment (the cost is: Carrying amount 18000 24000 Fair value 18500 25500 36000 5 years The equipment was considered to have a further useful life: Of the inventory, 70% was sold by 30 June 2021 The following information was provided by the two companies at 30 June 2021. Profit before tax Income tax expense Profit for the year Retained earnings (01/07/2020) Retained earnings (c30/06/2021) Share capital Retained earnings General reserve Asset revaluation surplus liabilities Yangzi Huang 112000 12500 56000 4200 64000 8300 80000 38000 144000 46300 360000 68000 144000 46300 10000 0 18500 0 128500 22000 661000 136300 129000 20000 402000 130600 -110000 -33000 55000 18700 185000 0 661000 136300 Land Plant and Equipment Accumulated depreciation inventory Investment in Huong In addition, there are some intra-group transactions between Yangzi and Huong shown below: a. During the year, Yangzi sold inventory costing 3500 to Huong for 4200. At the end of the year, 30% of the inventory is still held on hand by Huong. b. on 1 Jannuary 2021, Huong sold a plant to Yangzi. The plant has carrying amount of 110,000. Tomson sold it to Yangzi for 125,000 The remaining useful life is estimated to be 5 years. Required Prepare the Acquisition analysis and consolidated financial statements of Yangzi Manufacturing Ltd at 30 June 2021 using consolidation worksheet. Marks 9 37 Mark allocation Acquisition analysis Adjustments Worksheet Consolidated financial statements Total Out of 30 56 18 120Step by Step Solution
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