On 01 July 2020, Sunshine Manufacturing Ltd acquired al the issued shares of Goldcoast Lid for...

  

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On 01 July 2020, Sunshine Manufacturing Ltd acquired al the issued shares of Goldcoast Lid for $ 227000 The equity of Goldcoast at this date is as folows: Share capital Retained eamings 65000 36000 Al the identifiable assets and kabities of Goldcoast Ltd were recorded at amounts equal to their fair values at acquisition date except for. Carrying amount 82000 54000 Fair value Inventory Machine (the cost is: 88000 78000 ) 57000 5 years The equipment was considered to have a further useful fe: Of the inventory. The folowing information was provided by the two companies at 30 June 2021. 80% was sold by 30 June 2021 Sunshine Goldcoast Profit before tax 112000 12500 Income tax expense Profit for the year Retained earnings (01/07/2020) Retained earnings (30/06/2021) Share capital Retained earnings 56000 4200 64000 8300 36000 44300 80000 144000 360000 65000 144000 44300 General reserve 10000 Asset revaluation surplus 18500 liabilities 128500 22000 661000 131300 20000 129000 360000 Land Plant and Equipment Accumulated depreciation 125600 -33000 -110000 55000 18700 inventory Investment in Goldcoast 227000 661000 131300 In addition, there are some intra-group transactions between Sunshine and Goldcoast shown below a. During the year, Sunshine sold inventory costing held on hand by Goldcoast. b. on 1 Jannuary 2021, Goldcoast sold a plant to Sunshine. The plant has carying amount of 115,000. Goldcoast sold it to Sunshine for 130,000. The remaining useful ife is estimated to be 5 years. Required 4500 to Goldcoast for 6000. At the end of the year, 30% of the inventory is still Prepare the Acquisition analysis, Cosolidation Adjustments, Worksheet and consolidated financial statements of Sunshine Manufacturing Ltd at 30 June 2021 using consoldation worksheet. On 01 July 2020, Sunshine Manufacturing Ltd acquired al the issued shares of Goldcoast Lid for $ 227000 The equity of Goldcoast at this date is as folows: Share capital Retained eamings 65000 36000 Al the identifiable assets and kabities of Goldcoast Ltd were recorded at amounts equal to their fair values at acquisition date except for. Carrying amount 82000 54000 Fair value Inventory Machine (the cost is: 88000 78000 ) 57000 5 years The equipment was considered to have a further useful fe: Of the inventory. The folowing information was provided by the two companies at 30 June 2021. 80% was sold by 30 June 2021 Sunshine Goldcoast Profit before tax 112000 12500 Income tax expense Profit for the year Retained earnings (01/07/2020) Retained earnings (30/06/2021) Share capital Retained earnings 56000 4200 64000 8300 36000 44300 80000 144000 360000 65000 144000 44300 General reserve 10000 Asset revaluation surplus 18500 liabilities 128500 22000 661000 131300 20000 129000 360000 Land Plant and Equipment Accumulated depreciation 125600 -33000 -110000 55000 18700 inventory Investment in Goldcoast 227000 661000 131300 In addition, there are some intra-group transactions between Sunshine and Goldcoast shown below a. During the year, Sunshine sold inventory costing held on hand by Goldcoast. b. on 1 Jannuary 2021, Goldcoast sold a plant to Sunshine. The plant has carying amount of 115,000. Goldcoast sold it to Sunshine for 130,000. The remaining useful ife is estimated to be 5 years. Required 4500 to Goldcoast for 6000. At the end of the year, 30% of the inventory is still Prepare the Acquisition analysis, Cosolidation Adjustments, Worksheet and consolidated financial statements of Sunshine Manufacturing Ltd at 30 June 2021 using consoldation worksheet.

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