Remaining time 3hours, 35 minutes, 16 seconde QUESTION COMPLETION STATUS ter Question 21 25 points On1 July 2016, Panoramicitihased of the shares in Solstice for 540,00. On this date, tot Scenic comedo e Capital 2000, General Reserve 57,000, and Retained Earnings of 510.000 on 1 Auly 2016, all the identifiable net assets of Scenic were recorded at tale value except for the following assets Finance Machinery cost $6,000 value of $40,000 and carrying amount of $30.000. The machinery and a remaining of years beyond 1 July 2016 and to be deteclated on a straight line back on any 2021, the machinery was sold boy Scenic Ltd for 54,000 Inventories fair value was 54.000 Higher than its carrying amount. These inventories were sold to external parties to 30 June 2011, Receivables fair value was $2.000 lower than its carrying amount. The receivables had all been collected toy 30 June 2017 SU The following information relates to the financial year ended 30 June 2011 Scenic ltd recorded a profit for the year of 15.600 and the retained earnings as at July 2020 was $20,000. The dividends paid and declared for the entities are summarised below! Panoramic Ltd Scenic Ltd $ 5 Interim dividend 10,000 8.000 Final dividend 7,500 4.000 Intra-group sales from Scenic Ltd to Panoramic Ltd at $40,000, after a mark up of 25% on cost. As at 30 June 2021, 52.000 of these inventories remained in Patvoram TE WENY Remaining Time 5 minutes, 06 nende QUESTION COMPLETION STATUS Scenic ud Hand 5 10,000 8.000 Interimdidend al dividend 7.500 1,000 intra prop dates from scenickad to Panoramic Ltd at 4,000, after a mark up of 25% on cost. As a 30 June 2021, 52,000 of these inventores remained in Panoramic td closing inventory Panoramic Ltd uses the partial goodwill method. Assume a tax rate of 30% Required: Answer this question in an excel or word file and upload the file when completed. Name your file in your last name and student 10. a. Prepare an acquisition analysis in relation to the acquisition made by Panoramic tid. (marks) b. Prepare the consolidation journal entries, including NCI entries, necessary to prepare the consolidated financial statements of Panoramic Ltd for the year ended 30 2021. (20 marks) Note: you are not required to prepare a consolidation worksheet, or the consolidated financial statements. Narrations are not anual Remaining time 3hours, 35 minutes, 16 seconde QUESTION COMPLETION STATUS ter Question 21 25 points On1 July 2016, Panoramicitihased of the shares in Solstice for 540,00. On this date, tot Scenic comedo e Capital 2000, General Reserve 57,000, and Retained Earnings of 510.000 on 1 Auly 2016, all the identifiable net assets of Scenic were recorded at tale value except for the following assets Finance Machinery cost $6,000 value of $40,000 and carrying amount of $30.000. The machinery and a remaining of years beyond 1 July 2016 and to be deteclated on a straight line back on any 2021, the machinery was sold boy Scenic Ltd for 54,000 Inventories fair value was 54.000 Higher than its carrying amount. These inventories were sold to external parties to 30 June 2011, Receivables fair value was $2.000 lower than its carrying amount. The receivables had all been collected toy 30 June 2017 SU The following information relates to the financial year ended 30 June 2011 Scenic ltd recorded a profit for the year of 15.600 and the retained earnings as at July 2020 was $20,000. The dividends paid and declared for the entities are summarised below! Panoramic Ltd Scenic Ltd $ 5 Interim dividend 10,000 8.000 Final dividend 7,500 4.000 Intra-group sales from Scenic Ltd to Panoramic Ltd at $40,000, after a mark up of 25% on cost. As at 30 June 2021, 52.000 of these inventories remained in Patvoram TE WENY Remaining Time 5 minutes, 06 nende QUESTION COMPLETION STATUS Scenic ud Hand 5 10,000 8.000 Interimdidend al dividend 7.500 1,000 intra prop dates from scenickad to Panoramic Ltd at 4,000, after a mark up of 25% on cost. As a 30 June 2021, 52,000 of these inventores remained in Panoramic td closing inventory Panoramic Ltd uses the partial goodwill method. Assume a tax rate of 30% Required: Answer this question in an excel or word file and upload the file when completed. Name your file in your last name and student 10. a. Prepare an acquisition analysis in relation to the acquisition made by Panoramic tid. (marks) b. Prepare the consolidation journal entries, including NCI entries, necessary to prepare the consolidated financial statements of Panoramic Ltd for the year ended 30 2021. (20 marks) Note: you are not required to prepare a consolidation worksheet, or the consolidated financial statements. Narrations are not anual
