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ASSIGNMENT FOUR Sand, a public listed company, acquired 600 million equity shares in Stone on 1 April 2016. The purchase consideration was made up of: a share exchange of one share in Sand for two shares in Stone; the issue of GHS100 10% loan note for every 500 shares acquired; and a deferred cash payment of 11 pesewas per share acquired payable on 1 April 2017. Sand has only recorded the issue of the loan notes. The value of each Sand share at the date of acquisition was 75 pesewas and Sand has a cost of capital of 10% per annum. The balance sheets of the two companies at 31 March 2017 are shown below: Sand Stone GHS,000 GHS ,000 Assets Property, plant and equipment 640,000 340,000 Investments 120,000 nil Intellectual property nil 30,000 760,000 370,000 Current assets Inventory 76,000 22,000 Trade receivables 84,000 44,000 Bank nil 4,000 Total assets 920,000 440,000 Equity and liabilities Equity shares of GHS0.25 each Income surplus 1 April 2016 - year ended 31 March 2017 300,000 210,000 90,000 600,000 200,000 120,000 20,000 340,000 120,000 20,000 Non-current liabilities 10% loan notes Current liabilities Trade payables Current tax payable Overdraft 130,000 45,000 25,000 57,000 23,000 nil Total equity and liabilities 920,000 440,000 The following information is relevant: (i) At the date of acquisition the fair values of Stone's net assets were approximately equal to their carrying amounts with the exception of its properties. These properties had a fair value of GHS40 million in excess of their carrying amounts which would create additional depreciation of GHS2 million in the post-acquisition period to 31 March 2017. The fair values have not been reflected in Stone's balance sheet. (ii) The intellectual property is a system of encryption designed for internet use. Stone has been advised that government legislation (passed since acquisition) has now made this type of encryption illegal. Stone will receive GHS10 million in compensation from the government (iii) Stone sold to Sand goods for GHS15 million in the post-acquisition period. GHS5 million of these goods are included in the inventory of Sand at 31 March 2017. The profit made by Stone on these sales was GHS6 million. Stone's trade payable account (in the records of Sand) of GHS7 million does not agree with Sand's trade receivable account in the records of Stone) due to cash in transit of GHS4 million paid by Sand. (iv) Due to the impact of the above legislation, Sand has concluded that the consolidated goodwill has been impaired by GHS27 million. Required: Prepare the consolidated balance sheet of Sand as at 31 March 2017