BUSN7050 Corporate Accounting: Acquisition Analysis

BUSN7050 Corporate Accounting: Acquisition Analysis

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BUSN7050 Corporate Accounting

Task

Nina ltd purchased 91% of the issued shares of carl ltd for $2543000 on July 2018 when the equity ltd was as follows:

Share capital

1017200

General reserve

762900

Asset revaluation surplus

381450

At this date, carl ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the following:

Account

Cost

Carrying amount

Fair value

Further life (years)

Inventories

$76300

$83900

Land

$191000

$210000

Machinery

$295000

$236000

$283000

5

Fair value

Further life (years)

Carl ltd identified a t acquisition date a contingent liability related to a lawsuit where carl ltd was sued by a former supplier

$31000

Carl ltd had unrecorded and internally generated patent with the FairValue of:

$76000

Carl ltd had unrecorded and internally generated in-process research and development with the FairValue of:

$57000

60% of inventory on hand at  1 July 2018 were sold by 30 june 2019. Further life of the assets  are listed on the above table. Partial goodwill method is under use and tax rate: 30%

Required:

1. Prepare the acquisition analysis at acquisition date.

2. Prepare the business combination valuation entries and pre-acquisition entry at acquisition date.

3. Prepare the journal entry to recognise NCI at acquisition date.

4. Prepare the consolidation worksheet entries at 30 june 2019. Assume a profit for carl ltd for the year ended 30 june 2019 of $117300.

5. Explain how the step 1 to 4 will change if the full goodwill method is used.

6. List and explain the accounting standards issues to the consolidation process.

7. Compare in detail the current situation with the case that nina ltd acquires only 20% of issued shares of carl ltd with a significant influences on carl ltd

BUSN7050 Corporate Accounting

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