I am reaching out to you for assistance as our Chief Accountant is currently on long service leave. I need to understand the accounting implications of our recent takeover of Electron Ltd so that I can present the consolidated financial statements to the Board of directors and respond to any further questions they may have concerning the accounts for the year ended 30 June 2023. As I do not have any accounting experience, please explain the principles and concepts for me in simple language. As you know, we have recently acquired 100% of the issued shares of Electron Ltd on 1 July 2022 on a cum-div basis. The terms of the acquisition were that shareholders of Electron Ltd would receive $3,102,000 cash with half payable at the date of acquisition and the balance payable on 1 July 2023. Prior to the takeover, Electron Ltd had declared a final dividend of $30,000 which was paid on 1 October 2022. The acquisition of Electron Ltd is a strategic move which will enable us to diversify into fully autonomous electric vehicles and grow our business. Electron Ltd also has strong marketing, sales and distribution networks which have significantly increased our sales revenues and

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Accounting Implications of Electron Ltd Takeover Since youre taking over Electron Ltd completely 100 ... View the full answer