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On January 2 2 0 2 2 , PT Putri in Indonesia purchased 8 0 % of the outstanding shares of PT Sunny located inSingapore.

On January 22022, PT Putri in Indonesia purchased80% of the outstanding shares of PT Sunny located inSingapore. The investment cost in Singapore Dollars(S$) is S$9,600,000 and the fair value of Non-Controlling Interest (NCI) is S$2,400,000. Thedifference between the fair value of PT Sunny's netassets and its book value is allocated to inventory andequipment, the respective book values of which aretoo low by S$300,000 and S$800,000, while theremainder is recognized as goodwill. Equipmentis amortized over 8 years.Trial balance as of 31 December 2021 of PTPutri (in rupiah) and PT Sunny (in Singapore Dollars)is as follows:Item|CashAccountsReceivable (net)InventoryPlant andEquipmentCost of GoodsSoldDepreciationExpenscOperatingExpensesInterest ExpenseDividends PaidInvestment in PTSunnyTotal DebitsAccumulatedDepreciationAccounts PayableInterest PayableBonds PayableCommon StockRetainedEarnings, Jan 1SalesOCI-TranslationAdjustmentTotal CreditsPT Putri(in rupiah)IDR 17,264,000,00022.950.000.00028.650.000.00020.460.000.00053.400.000,0002.200.000.00011.200.000.0001.820.0O0.00015.750.000.00065.344.800.000IDR 239,038,800,000IDR 4,350,000,0009.700,000.0001.820.000.00032.200.0O0.00039.290.000.00064.850,000.00085.818.800.0001.010.000.000IDR 239,038,800,000PT Sunny(in SingaporeDollars)SS 3.968.0004.372.0005.750.0003.260.0008.500.000650.0002.850.0O0420.000L.800.000S$ 31.570.000SS 1.160.0001.255.000420.0001.285.0006.300.0004.200.00016.950.000S$ 31.570.000Additional information:1. In 2022, there will be no impairment ofgoodwill.2. Dividends declared and paid on Oct 1,2023. The Singapore Dollar to Rupiah exchangerate is as follows:January 1,2022Oct 1,2022December 31,2022Installment 2022Requested:SS I = Rp5.600SS 1= Rp5.620SS I = Rp5.700SS 1= Rp5.6501. Calculate the goodwill recognized upon acquisition2. Create a table for the translation of PT Sunny's trialbalance from Singapore Dollars to Rupiah on 31December 2022.3. Create a table for 'proof of the translationadjustment4. Make a table for amortization of price differences.5. Make journal entries in PT Putri's booksand post them to the "Investment in PTSunny' account to get the final balance.6. Prepare the consolidation journal entriesneeded to prepare the consolidation workingpapers as of December 31,2022.7. Prepare consolidated working papers as ofDecember 31,2022.
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