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Prepare business combination valuation entries for a machine based on the following information: Assume that the subsidiary owning the machine was acquired on July 1

Prepare business combination valuation entries for a machine based on the following information:

Assume that the subsidiary owning the machine was acquired on July 1st, 2016. The machine has a remaining useful life of ten years.

In CU

Carrying amount

Fair value

Machine (Historical Cost 80,000)

60,000

70,000

Please prepare adjusting business combination valuation entries as at July 1st 2016.

No.

Debit

Amount

Credit

Amount

pts

Please prepare adjusting business combination valuation entries as at June 30th, 2017.

No.

Debit

Amount

Credit

Amount

pts

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