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Consolidation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Consolidation

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • November 10, 2024 at 9:32 am #713159
    Lakshmi@02
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    On 31 March, 2014 when Code plc acquired 65% of the 3,000,000 $1 equity shares of Dole pic, the retained earnings of Code pic and Dole plc were $2,720,000 and $1,940,000 respectively and the market value of the Dole plc shares was $2.60
    The carrying amounts of the Dole plc net assets were approximately equal to their fair values with the exception of a parcel of land that had a fair value $650,000 greater than its carrying value.

    The terms of the acquisition were that Code plc would issue 2 new shares in Code plc for every 5 shares acquired in Dole plc and would pay $1.20 for each share acquired. In addition Code plc would issue a $100 7% Unsecured Loan Note for every 390 shares acquired

    The Code plc shares had a market value as at date of acquisition of $2.80. Code pic has decided to measure the non-controlling interest at fair value with the Dole plc share price being a reasonable indication of fair value

    At 31 December, 2014 the retained earnings of Code plc and Dole plc were $2,690,000 and $1,780,000 respectively. Goodwill is not impaired

    At what amount should the non-controlling interest be shown in the consolidated statement of financial position for the Code pic group as at 31 December, 2014?

    November 10, 2024 at 8:41 pm #713177
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    Hi,

    You will need to attempt the question first before I give any answers. Let me know what it is specifically that you are struggling with and then I can help you.

    Thanks

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