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An adjustment part of a question has confused me . Please help me know how to account this:-
Background:-
Shark acquired 70% of Minnow on 1 November 20W6. The financial statements of financial position of shark and Minnow at 31 October 20X0 are given which show plant at net book value in shark and minnow are 200 and 50 respectively,Adjustment:-
For the purposes of the acquisition, plant in Minnow with a book value of $50,000 was revalued to
its fair value of $60,000. The revaluation was not recorded in the accounts of Minnow
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