On 1 July 2020, Hood Ltd acquired 75% of the issued shares of Robin Ltd for $375,000 when the equity of Robin Ltd consisted of:

Share Capital $200,000

Retained Earnings $75,000

Asset Revaluation reserve $25,000

At the acquisition date all the identifiable assets and liabilities of Robin Ltd were recorded at fair value except for the following assets:

Carrying amount Fair Value

Equipment (Cost $100,000) $80,000 $100,000

Land $280,000 $350,000

The NCI at acquisition date is measured based on the proportionate share of the identifiable assets and liabilities in Robin Ltd. The tax rate is 30%.

Required

Acquisition analysis as at 1 July 2020(6 Marks)

Practera N Trade Accelerator -... Net fair value of identifiable assets and liabilities of Robin Lid