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Question 1 (20 marks) Wholly owned subsidiary On 1 July 2040, Freemantle Ltd acquired all the issued shares of Kununurra Ltd for $2,450,000 At this date the equity of Kununurra Ltd consisted of: $ Share capital Retained earnings General reserve 875,0000 1,050,000 175,000 The identifiable assets and liabilities recorded on the balance sheet of Kununurra Ltd were at amounts equal to fair value except for: Original Carrying Fair Cost Amount Value $ $ $ Inventory 266,000 315,000 Equipment 1,750,000 1,050,000 1,190,000 Additional information: Kununurra Ltd also had a Brand Name with a fair value of $350,000 that was not recognised on its balance sheet The Brand Name was determined to have an indefinite useful life . It was estimated that the Equipment had a further life of five (5) years, and was depreciated on a straight-line basis . All of the inventories were sold by 30 June 2041 Kununurra transferred $280,000 from retained earnings to the general reserve on 30 June 2041 Adjustments for differences between carrying amounts and fair values at acquisition date are made on consolidation The tax rate is 30% Required: (a) Provide a table to show the acquisition analysis of Kununurra at 1 July 2040; clearly show any supporting calculations. (4 marks) (b) Prepare the pre-acquisition entries for the consolidation worksheet for the Freemantle Ltd Group for the financial year ended at 30 June 2041. (5 marks) (c) Prepare the business combination valuation reserve (BCVR) entries for the consolidation worksheet for the Freemantle Ltd Group for the financial year ended at 30 June 2042. (7 marks) (d) Prepare the pre-acquisition entries for the consolidation worksheet for the Freemantle Ltd Group for the financial year ended at 30 June 2042. (4 marks) Question 1 (20 marks) Wholly owned subsidiary On 1 July 2040, Freemantle Ltd acquired all the issued shares of Kununurra Ltd for $2,450,000 At this date the equity of Kununurra Ltd consisted of: $ Share capital Retained earnings General reserve 875,0000 1,050,000 175,000 The identifiable assets and liabilities recorded on the balance sheet of Kununurra Ltd were at amounts equal to fair value except for: Original Carrying Fair Cost Amount Value $ $ $ Inventory 266,000 315,000 Equipment 1,750,000 1,050,000 1,190,000 Additional information: Kununurra Ltd also had a Brand Name with a fair value of $350,000 that was not recognised on its balance sheet The Brand Name was determined to have an indefinite useful life . It was estimated that the Equipment had a further life of five (5) years, and was depreciated on a straight-line basis . All of the inventories were sold by 30 June 2041 Kununurra transferred $280,000 from retained earnings to the general reserve on 30 June 2041 Adjustments for differences between carrying amounts and fair values at acquisition date are made on consolidation The tax rate is 30% Required: (a) Provide a table to show the acquisition analysis of Kununurra at 1 July 2040; clearly show any supporting calculations. (4 marks) (b) Prepare the pre-acquisition entries for the consolidation worksheet for the Freemantle Ltd Group for the financial year ended at 30 June 2041. (5 marks) (c) Prepare the business combination valuation reserve (BCVR) entries for the consolidation worksheet for the Freemantle Ltd Group for the financial year ended at 30 June 2042. (7 marks) (d) Prepare the pre-acquisition entries for the consolidation worksheet for the Freemantle Ltd Group for the financial year ended at 30 June 2042. (4 marks)