P Ltd paid $500 million to acquire 90 of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital of $100 million and retained profits of $100 million On this date, S Ltd has an unrecognized brand that is deemed to have a fair value of $100 million The group policy was to measure non controlling interest based on its share of the acquisition date fair value of identifiable net assets of subsidiary acquired For 20x8 consolidation, the consolidation journal entry for Non controlling interest should be Dr Share capital $10 million, Dr Beginning retained profit $10 million, Dr Goodwill $23 million, Cr Non controlling interest $43 million Dr Share capital $10 million, Dr Beginning retained profit $10 million, Cr Non controlling interest $20 million None of the listed choices Dr Share capital $10 million, Dr Beginning retained profit $10 million, Dr Brand $10 million, Dr Goodwill $23 million, Cr Non controlling interest $53 million Dr Share capital $10 million, Dr Beginning retained profit $10 million, Dr Brand $10 million, Cr Non controlling interest $30 million Which option is it

Question

P Ltd paid $500 million to acquire 90  of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital of $100 million and retained profits of $100 million  On this date, S Ltd has an unrecognized brand that is deemed to have a fair value of $100 million  The group policy was to measure non controlling interest based on its share of the acquisition date fair value of identifiable net assets of subsidiary acquired  For 20x8 consolidation, the consolidation journal entry for  Non controlling interest  should be  Dr Share capital $10 million, Dr Beginning retained profit $10 million, Dr Goodwill $23 million, Cr Non controlling interest $43 million  Dr Share capital $10 million, Dr Beginning retained profit $10 million, Cr Non controlling interest $20 million  None of the listed choices  Dr Share capital $10 million, Dr Beginning retained profit $10 million, Dr Brand $10 million, Dr Goodwill $23 million, Cr Non controlling interest $53 million  Dr Share capital $10 million, Dr Beginning retained profit $10 million, Dr Brand $10 million, Cr Non controlling interest $30 million  Which option is it

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Question

P Ltd paid $500 million to acquire 90% of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital

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