Required: a. Following the fair value/full goodwill method, complete the acquisition analysis on 1 July…

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Required:a. Following the fair value/full goodwill method, complete the acquisition analysis on 1 July 2013 for L Ltd’s investment in Y Ltd as required by AASB 3 and AASB10 and determine the amount of goodwill or gain on bargain purchase.b. Prepare the acquisition journal entries on 1 July 2013 under the fair value/full goodwill method.c. Prepare all consolidated journal entries including non-controlling interest for the year ended 31 December 2016 for consolidation purpose of L Ltd and Y Ltd under the fair value/full goodwill method.Question 2 (20 marks)Andy Ltd acquires 100% interest in Irons Ltd. On 1 July 2014 Andy Ltd sells an item of plant to Irons Ltd for $145 000 when its’ carrying value in Andy Ltd’s accounts was $101 250 (cost $168 750, accumulated depreciation $67 500). This plant is assessed as having a remaining useful life of 6 years and the tax rate is 30%.Required:Provide consolidation journal entries for 30 June 2015 and 30 June 2016 to adjust for the above sale.Question 3 (15 marks)On 1 January 2014, Wiley Ltd acquired all of the one million issued ordinary shares of B & G Ltd for a payment of $7 160 000. At the date of acquisition, the book values of the identifiable net assets of B & G Ltd. are represented by the following shareholders equity balances.Wiley Ltd and B & G Ltd use the cost basis of measurement for their non-current assets. At the date of acquisition, the land of B & G Ltd. has a book value of $5 600 000 but a fair value of $6 000 000. In addition, the buildings of B & G Ltd have a carrying value of $400 000 but a fair value of 600 000. The buildings of B & G Ltd are depreciated over 10 years. The income tax rate is 40%.In the next year, 2015, B & G Ltd borrowed $1 000 000 from its parent Wiley Ltd and was charged and paid $48 000 in interest. Also in 2015, B & G Ltd declared and paid a dividend of $400 000 out of profits earned during that year.Goodwill has suffered an impairment loss of $120 000 in the year ended 31st December 2014 and a further $200 000 in the year ended 31st December 2015.Required: Complete the following consolidation worksheet with appropriate journals.

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