FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Jenna Ltd acquired all the equity in Cooper Ltd on 31 December 20X4 for $450
000. At the control date, the equity of Cooper was recorded as paid-up capital
of $300 000 and retained profits of $120 000. The purchase price was based
on the agreed fair values of Cooper's identifiable assets and liabilities on that
date. The following items were not at fair value in Cooper's financial statements
on the control date.
Inventories
Plant (Cost of $400 000, Accumulated
depreciation of $51 200)
Carrying
amount
20 000
348 800
Fair
value
27 000
308
800
Other information:
• All the inventories held by Cooper at the control date were sold during FY20X5.
• Both Cooper and the group entity account for their plant by the cost model, and
apply straight-line depreciation to the plant. The plant in Cooper Ltd is expected
to have a remaining useful life of 10 years from 31 December 20X4, and no
residual value.
• Jenna sold goods to Cooper for $6 000 during FY20X5, the cost of these
inventories was $3 500. All these inventories were still on hand by Cooper by 31
December 20X5, the year-end.
Required:
Prepare all the necessary consolidation journal entries at 31 December 20X5,
the year-end.
Note 1) Use the provided journal entry template to enter your answer. 2)
Workings/calculations or narrations are NOT required.
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