Question
Phantom acquired 70% of the $100,000 equity share capital of Ghost, its only subsidiary, for $200,000 on 1 January 20X9 when the retained earnings of
Phantom acquired 70% of the $100,000 equity share capital of Ghost, its only subsidiary, for $200,000 on 1 January 20X9 when the retained earnings of Ghost were $156,000. At 31 December 20X9 retained earnings are as follows. Phantom Ghost $ 275,000 177,000 Phantom considers that goodwill on acquisition is impaired by 50%. Non- controlling interest is measured at fair value, estimated at $82,800. What are group retained earnings at 31 December 20X9?
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Modern Advanced Accounting In Canada
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