Consolidation worksheet Ethan Ltd acquired all the issued shares (ex div.) of Darren Ltd on 1 July 2017 for $ XXXXXXXXXXAt this date Darren Ltd recorded a dividend payable of $10 000 and equity of:...

: Assignment – individual assessment – short report on financial statements and calculations

Value:20%.

Due Date: Week 10 – the exact due date and time will be advised in Moodle

Submission: Upload a soft copy – to Moodle by the due date and time.

Detailed information on assignments may be found in Course Outline 3.1 PDF above.

Consolidation worksheet Ethan Ltd acquired all the issued shares (ex div.) of Darren Ltd on 1 July 2017 for $110 000. At this date Darren Ltd recorded a dividend payable of $10 000 and equity of: All the identifiable assets and liabilities of Darren Ltd were recorded at amounts equal to their fair values at acquisition date except for: The machinery was considered to have a further 5-year life. Of the inventory, 90% was sold by 30 June 2018. The remainder was sold by 30 June 2019. Both Darren Ltd and Ethan Ltd use the valuation method to measure the land. At 1 July 2017, the balance of Ethan Ltd’s asset revaluation surplus was $13 500. In May 2018, Darren Ltd transferred $3000 from the retained earnings at 1 July 2017 to a general reserve. The tax rate is 30%. The following information was provided by the two companies at 30 June 2018. Required: 1- Acquisition Analysis at 30 June 2018. 2- Worksheet Adjustment journal entries at 30 June 2018. 3- Complete Worksheet.