Image caption SYDNEY Ltd acquired a 30% interest in PERTH Ltd for $ 60,000 on 1 July
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
SYDNEY Ltd acquired a 30% interest in PERTH Ltd for $ 60,000 on 1 July 2019. The equity of PERTH Ltd at the acquisition date was: Share capital Retained earnings All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2020 to 2021 were as follows: Year 2020 2021 $ 40,000 $120,000 $ 160,000 Profit for the year $ 50,000 40,000 Dividends paid $ 20,000 10,000 SYDNEY Ltd acquired a 30% interest in PERTH Ltd for $ 60,000 on 1 July 2019. The equity of PERTH Ltd at the acquisition date was: Share capital Retained earnings All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2020 to 2021 were as follows: Year 2020 2021 $ 40,000 $120,000 $ 160,000 Profit for the year $ 50,000 40,000 Dividends paid $ 20,000 10,000
Expert Answer:
Answer rating: 100% (QA)
Invetstment after june 30th 2020 600009000 69000 Investment after june 30th 202... View the full answer
Related Book For
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville
Posted Date:
Students also viewed these accounting questions
-
Image caption True/ False 1) The term "plant assets" refers to long-lived assets acquired for use in business operations, rather than for resale to customers. 2) If a piece of equipment is dropped...
-
1. A bond has the following terms: Annual interest $100 Term Principal 1. What is the current price of the bond if comparable yields are 7 percent? 15 years $1,000 2.What are the current yield and...
-
Image caption Dick receives 200 shares of Along Corporation stock from his aunt on May 20, 2019, as a gift when the stock has a $40,000 FMV. His aunt purchased the stock in 2009 for $22,000. The...
-
Company OMEGA wants to invest in Bonds and Stocks. The financial manager was looking at different types of Bonds and Stocks. After studying the market, he decided to choose 3 bonds and 3 stocks....
-
Piaggio must confront sunk costs. Why are sunk costs irrelevant in deciding whether to sell a product in its present condition or to make it into a new product through additional processing?
-
Discuss under what conditions unemployment compensation can be denied to a claimant.
-
What is ITSM?
-
Selected account balances of Connell Company for 2011 along with additional information as of December 31 are as follows: Bad Debt Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Implement the following circuit on MultiSim using NOR Gate only and make truth table to verify outputs. SW1 SW2 SW3 AND3 AND1 NOTO OR1 OR2 NOTO
-
Now that you have read the chapter on estate planning, what do you recommend to Juliana and Fernando on the subject of retirement and estate planning regarding? 1. How much in Social Security...
-
The market for gasoline is represented by the following equations (where Q represents the gallons of gas in 1 million increments) Demand: P = 12-2Q and Supply: P = 2+.5Q a. Solve for the market...
-
BMI3C- Marketing Fads The fad for this activity is: Furby (kids toy) Complete the following: 1. Name the fad and provide a description. 2. Provide a clip of the fad, which talks about the furby 3....
-
Which of the following questions should be considered when developing a corporation's financial plan? 1. How much net working capital will be needed? II. Will additional fixed assets be required?...
-
This is an in-class activity Each student will present his/her work to the class A hospital ABC is migrating their applications and servers to public cloud and are planning to use Amazon as their...
-
In regard to objectives & issues in a marketing plan, what are Walmart's current issues that it faces in meeting its objectives....Please provide sources..... here are a few paragraphs describing...
-
Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company usually produces all of the necessary parts for its engines, including all of the carburetors. An outside...
-
15 Question 41 (6 points) Listen (6 points) Hero Company purchased a transportation vehicle for $70,000 borrowing from UA BANK on January 1, 2025 in order to expand its business. The five-year note...
-
Bonus shares can be issued out of revenue reserves. True/False?
-
(a) Explain what is meant by a non-current asset "held for sale" and list the criteria which must be satisfied in order for an asset to be classified as held for sale. (b) Explain why it is not...
-
IFRS1 First-time Adoption of International Financial Reporting Standards lays down the procedure which must be followed when an entity prepares its first financial statements that comply with IFRS...
-
(a) Distinguish between current assets and noncurrent assets. (b) Distinguish between current assets and current liabilities. Why does showing these items as current in nature matter?
-
Random samples are taken from two normal populations with \(\sigma_{1}=9.6\) and \(\sigma_{2}=13.2\) to test the null hypothesis \(\mu_{1}-\mu_{2}=41.2\) against the alternative hypothesis...
-
With reference to part (a) of Exercise 8.33, how would you pair and then randomize for a paired test? Data From Exercise 8.33 8.33 How would you randomize, for a two sample test, in each of the...
-
How would you randomize, for a two sample test, in each of the following cases? (a) Forty combustion engines are available for a speed test and you want to compare a modified exhaust valve with the...
Study smarter with the SolutionInn App