Corporate accounting systems (NCI)

Question 2 ( 22 marks ) Rina LAd acquired its go.% interest in Peter LAd on 30 th June 2021 fot $900, 000, when all assets of Peter were fairly valued identify . The notes to Peters financial statement a contingent liability related to an unsettled daim with a fair value of $20, 000, which be tax deductible ble when paid, Share capital and reserve of Peter Ld were: Share Capital - $ 600, 000 Retained Earnings - $ 200, OUD Revaluation Surplus - $ 100, ous The management of Ring Ltd measures non- controlling interest ( Not I )in Peter Lid at fair value Tax rate is 30% Reporting date is 30th June!. Ring Lid has investment( in other entities (i ) Prepare an acquisition analysis at 30"June 2021, to determine goodwill or gould on bargain purchase at acquisition ( 8 marlys ( 1) Prepare all consolidation dimination journals at 30 th June zo21. ( Marrations are required ) ( 10 marks.) (ii) for the financial year ending 30 th June 2022 Rina Ld had the following Jintra-group inventory transactions with Peter (1. Rina Lotd sold inventory to Peter Id $ 22, 000. The inventory Jost Ring Gatti, a price of produce : By 30th June 2022, Peter Und had sold 120s of this inventory to external parties. Prepare the consolidation elimination journal al entries for intoa group. sales of inventory for the yearreading 3oth June 20/22. ( Narration are required ) (q marlys) is The following account balances existed at 30th June 622 : Rina Lady Dividend Revenue $ 4,700 f Dividend Receivable $360D Peteritd: Dividend declared $ 2500 4 Dividend Payable $ 2000 Prepare the consolidation elimination invnal entries In intra groupdividing for the year chading goth June 2022. ations are required)