Assignment Question on 01 July 2020. The equity of Huong at this date is as follows:...

 

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Assignment Question on 01 July 2020. The equity of Huong at this date is as follows: Inventory Equipment (the cost is: Profit before tax Income tax expense Profit for the year Retained eamings (01/07/2020) Retained eamings (c30/06/2021) Share capital Retained eamings General reserve Asset revaluation surplus liabilities All the identifiable assets and liabilities of Huong Ltd were recorded at amounts equal to their fair values at acquisition date except for Carrying amount 18000 24000 Land Plant and Equipment Accumulated depreciation inventory Investment in Huong Yangzi Ltd acquired all the issued shares of Huang Ltd for $ $ The equipment was considered to have a further useful life: of the inventory. The following information was provided by the two companies at 30 June 2021. Share capital Retained earnings Mark allocation Acquisition analysis Adjustments Worksheet Consolidated financial statements Total Out of 30 L 36000) Yangzi 112000 56000 64000 80000 Huang 70% was sold by 30 June 2021. 12500 4200 8300 38000 46300 68000 46300 144000 360000 144000 10000 18500 128500 22000 661000 136300 129000 20000 402000 130600 -110000 -33000 55000 18700 185000 0 661000 136300 Marks 9 37 56 18 120 68000 38000 0 0 185,000 5 years In addition, there are some intra-group transactions between Yangzi and Huong shown below: a. During the year, Yangzi sold inventory costing 3500 to Huong for held on hand by Huong. b. on 1 Jannuary 2021, Huong sold a plant to Yangzi. The plant has carrying amount of The remaining useful life is estimated to be 5 years. Required Prepare the Acquisition analysis and consolidated financial statements of Yangzi Manufacturing Ltd at 30 June 2021 using consolidation worksheet Fair value 18500 25500 4200. At the end of the year, 30% of the inventory is still 110,000. Tomson sold it to Yangzi for 125,000 Assignment Question on 01 July 2020. The equity of Huong at this date is as follows: Inventory Equipment (the cost is: Profit before tax Income tax expense Profit for the year Retained eamings (01/07/2020) Retained eamings (c30/06/2021) Share capital Retained eamings General reserve Asset revaluation surplus liabilities All the identifiable assets and liabilities of Huong Ltd were recorded at amounts equal to their fair values at acquisition date except for Carrying amount 18000 24000 Land Plant and Equipment Accumulated depreciation inventory Investment in Huong Yangzi Ltd acquired all the issued shares of Huang Ltd for $ $ The equipment was considered to have a further useful life: of the inventory. The following information was provided by the two companies at 30 June 2021. Share capital Retained earnings Mark allocation Acquisition analysis Adjustments Worksheet Consolidated financial statements Total Out of 30 L 36000) Yangzi 112000 56000 64000 80000 Huang 70% was sold by 30 June 2021. 12500 4200 8300 38000 46300 68000 46300 144000 360000 144000 10000 18500 128500 22000 661000 136300 129000 20000 402000 130600 -110000 -33000 55000 18700 185000 0 661000 136300 Marks 9 37 56 18 120 68000 38000 0 0 185,000 5 years In addition, there are some intra-group transactions between Yangzi and Huong shown below: a. During the year, Yangzi sold inventory costing 3500 to Huong for held on hand by Huong. b. on 1 Jannuary 2021, Huong sold a plant to Yangzi. The plant has carrying amount of The remaining useful life is estimated to be 5 years. Required Prepare the Acquisition analysis and consolidated financial statements of Yangzi Manufacturing Ltd at 30 June 2021 using consolidation worksheet Fair value 18500 25500 4200. At the end of the year, 30% of the inventory is still 110,000. Tomson sold it to Yangzi for 125,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below ACQUISITION ANALYSIS Yangzi Ltd acquired all the issued shares of Huang Ltd on 01 July 2020 for 185000 The identifiable assets and liabilit... View the full answer