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BFA605 - Financial and Corporate Accounting 7 Question 5 On 1^' July 2013 Hazelnut L t d acquires 100% of the equity of Chestnut Ltd at a cost of $1,100,000. At the date of acquisition, all assets of Chestnut L t d are fairly stated except for the Property, Plant and Equipment which has a cost of $900,000, accumulated depreciation of $250,000 and a fair value of $800,000. The shareholder's funds at the date of acquisition are: Share capital Retained earnings 700,000 230,000 930,000 Additional information 1. A l l companies in the group recognised dividend revenue on the accruals basis and used a perpetual inventory system. 2. Goodwill was determined to be impaired by $2,000 last year (30/6/2014) and $4,000 this year (30/6/2015). 3. Hazelnut L t d sold inventory to Chestnut L t d for $70,000 during the period. This inventory had originally cost Hazelnut Ltd $30,000. Chestnut L t d sold three-quarters of this inventory during the period to parties external to the group. 4. Both companies depreciate their assets using 10% straight line. 5. Chestnut has paid an interim dividend of $7,000 and declared a final dividend of $9,000. 6. I n May 2014, Chestnut L t d sold goods to Hazelnut L t d for $50,000. This inventory had cost Chestnut L t d $20,000. A t that time none of the inventory had been sold to external parties. The inventory has now been sold by the group. 7. During the year Chestnut L t d paid Hazelnut L t d management fees of $4,000. 8. The rate of company income tax is 30%. 9. A l l other consolidation journal entries (i.e. other than those required for the above intra-group transactions) have no effect on the calculation of group profit. Required: Prepare the consolidation elimination journal entries required for the above intra-group transactions for 30* Jime 2015. N B : Narrations are not required [Total for Question 5 = 35 marks]