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Assigment 1

In: Business and Management

Submitted By rufus1999
Words 1121
Pages 5
a) Acquisition analysis at 1 July 2010

Net FV of identifiable assets and liabilities of Cook Ltd:

= $480,000 + $80,000 + $120,000 (equity) + $10,000 (1 – 30%) (BCVR - inventory) + $8,000 (1 – 30%) (BCVR – land) + $20,000 (1 – 30%) (BCVR – plant) + $9,000 (1 – 30%) (BCVR – trademark) - $7,000 (1 – 30%) (BCVR – contingent liability) - $40,000 (goodwill) = $668,000

Consideration transferred = $600,000 FV of previously held equity interest = $200,000 Aggregate investment = $600,000 + $200,000 - $32,000 (dividend receivable) = $768,000 Goodwill = $768,000 - $668,000 = $100,000 Recorded goodwill = $40,000 Unrecorded goodwill = $60,000

b) Consolidation worksheet entries at 1 July 2010

Business combination valuation entries

1) Inventory 10,000 Deferred tax liability 3,000 Business combination valuation reserve 7,000

2) Land 8,000 Deferred tax liability 2,400 Business combination valuation reserve 5,600

3) Accumulated depreciation 60,000 Plant 60,000

4) Plant 20,000 Deferred tax liability 6,000 Business combination valuation reserve 14,000 5) Trademark 9,000 Deferred tax liability 2,700 Business combination valuation reserve 6,300

6) Business combination valuation reserve 4,900 Deferred tax asset 2,100 Contingent liability 7,000

7) Goodwill 60,000 Business combination valuation reserve 60,000

Pre-acquisition entry

8) Share capital 480,000
General reserve 80,000
Retained earnings 120,000 Business combination valuation reserve 88,000 Shares in Cook Ltd 768,000

Other consolidation worksheet entry

9) Dividend payable 32,000 Dividend receivable 32,000...

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