Question: Oakridge Ltd gained control of Ventnor Ltd by acquiring its

Oakridge Ltd. gained control of Ventnor Ltd. by acquiring its share capital on January 1, 2009. The statement of financial position of Ventnor at that date showed:
At January 1, 2009, the recorded amounts of Ventnor’s assets and liabilities were equal to their fair values except as follows:
All this inventory was sold by Ventnor in the following three months. The depreciable assets have a further five year life, benefits being received evenly over this period. The tax rate is 30%.
At December 31, 2013, the following information was obtained from both entities:
Required
Prepare the consolidated financial statements for Oakridge Ltd. at December 31, 2013.

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  • CreatedJune 09, 2015
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