P Co acquired control of Jasper Co through acquisition of 90% in the voting rights of Jasper
Question:
P Co acquired control of Jasper Co through acquisition of 90% in the voting rights of Jasper Co on 1 July 20x2. A cash transfer of $2,000,000 was made to the former owners of Jasper Co. P Co elects to measure non-controlling interests at fair value on acquisition date. The fair value of non-controlling interests on 1 July 20x2 was $200,000.
The shareholders’ equity of Jasper Co at acquisition date is as follows:
Required:
1. Prepare the consolidation adjusting entries for the year ended 31 December 20x3. Tax rate was 20%. Recognize tax effects on fair value differentials.
2. Perform an analytical check on the balance of non-controlling interests as at 31 December 20x3.
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Step by Step Answer:
To address the requirements well have to consolidate P Cos and Jasper Cos financial statements for the year ended 31 December 20x3 with the help of the information given Well focus on the adjusting en...View the full answer
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