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Use accounts goodwill and NCI Can you please show calculations and show the journal entries seperate with descriptions and post them to the consolidation worksheet
Use accounts goodwill and NCI
Can you please show calculations and show the journal entries seperate with descriptions and post them to the consolidation worksheet
Company S acquired 80% of Company R on December 31,2022 for $300 per common share. On the date of acquisition, the fair market value of Rs net identifiable assets were equal to their book values except for inventories (fair value $1,700,000 ). capital assets (net) (fair value $3,000,000 ) and liabilities (fair value $2,400,000 ). Company S accounts for Company R in its separate entity financial statements using the cost method. Required: Using the fair value enterprise method of consolidation under IFRS: 1.Prepare all consolidation and elimination journal entries in proper format at December 31, 2022 and post these journal entries to the consolidation worksheet supplied to you. 2.Prepare a consolidated balance sheet in worksheet format as at December 31, 2022 using the consolidation worksheet provided to youStep by Step Solution
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