Question: can you help me do this question please... Thank You... P 2-3 rgain Purchase Acquisition Raj Ltd issued 10,000 of $10 par common stock with

can you help me do this question please... Thank You... P

can you help me do this question please... Thank You...

P 2-3 rgain Purchase Acquisition Raj Ltd issued 10,000 of $10 par common stock with a total market value of $800,000, to purchase 40 percent ownership of Akash Ltd on January 1, 2014. Akash Ltd had net assets of $2.250,000 at begin- ning of the year. The information relating to the difference between book values and fair values of Akash Ltd on January 1, 2014 is as follows (in thousands): Book Value $130,000 $500,000 $300,000 Fair Value Inventory Equipment-net (4 years useful life) Notes Payable (Due in 8 years) $460,000 $220,000 Akash Ltd declared dividends of S160,000 on December 1 and reported $400,00net income for the year REQUIRED 1. Prepare a schedule for allocating the investment cost over the book values/fair values interest acquired. 2. Prepare all necessary journal entries for Akash Ltd in 2014. 3. Calculate investment in Akash Ltd Balance at December 31, 2014

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