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On 1 July 2019 Sugar Ltd acquired 90% of the shares of Glider Ltd for $565240. At this date the equity of Glider Ltd consisted
On 1 July 2019 Sugar Ltd acquired 90\% of the shares of Glider Ltd for $565240. At this date the equity of Glider Ltd consisted of share capital of $370 000 and retained earnings of $190000. All the identifiable asset and liabilities of Glider Ltd were recorded at amounts equal to fair value except for: The plant was considered to have a further 10-year life. All the inventory was sold by 30 June 2020 . The tax rate is 30%. Sugar Ltd uses the partial goodwill method. During the 2019-20 period Glider Ltd recorded a profit of $30000. Required Prepare the consolidation worksheet entries for the preparation of the consolidated financial statements of Sugar Ltd at 30 June 2020. On 1 July 2019 Sugar Ltd acquired 90\% of the shares of Glider Ltd for $565240. At this date the equity of Glider Ltd consisted of share capital of $370 000 and retained earnings of $190000. All the identifiable asset and liabilities of Glider Ltd were recorded at amounts equal to fair value except for: The plant was considered to have a further 10-year life. All the inventory was sold by 30 June 2020 . The tax rate is 30%. Sugar Ltd uses the partial goodwill method. During the 2019-20 period Glider Ltd recorded a profit of $30000. Required Prepare the consolidation worksheet entries for the preparation of the consolidated financial statements of Sugar Ltd at 30 June 2020
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