Question

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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