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please answer me Sheldon Ltd acquired all the equity in Cooper Ltd on 31 December 204 for $275000. At the control date, the equity of
please answer me
Sheldon Ltd acquired all the equity in Cooper Ltd on 31 December 204 for $275000. At the control date, the equity of Cooper was recorded as paid-up capital of $200000 and retained profits of $45000. The purchase price was based on the agreed fair values of Cooper's identifiable assets and liabifities on that date. The following items were not at fair value in Cooper's financial statements on the control date. Other information: - Both Cooper and the group entity account for their plant by the cost model and apply straight-line depreciation to the plant. The plant in Cooper Ltd is expected to have a remaining useful life of 10 years from 31 December 204 and no residual value. - Sheldon sold goods to Cooper for $10000 during 20X5. The cost of these inventories was $6000.25% of these inventories were still on hand by Cooper by 31 December 20x5, the year-end. - The goodwill impairment of $2000 was recognized in 205, Required: Prepare all the necessary consolidation journal entries at 31 December 205, the year-end. Note: 1) Use the provided journal entry template for your response. 2) Workings/calculations or narrations are NOT required, 3) Wivile the template provides sufficient space, if you encounter formatting issues or lack space you can record your joumal entries below the template Make sure to indicate whether ir's a Debit (OR) or Credit (CR) entry. Account Name DR CR Step by Step Solution
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