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Assignment Question 3: (topic from chapter 28: worksheet examples refer to pages 924.928, 933. 938. 941-942. 944. 951-952) On 1/7/14. Adam Ltd acquires all the share capital of Luke Ltd for 5290.000. The equities of Luke Ltd at the date of acquisition were as follows: Share Capital 5150.000 General Reserve 530.000 Retained Earnings 560.000 Goodwill 510.000 All assets and liabilities of Luke Ltd were of fair value at DOA except the land had the fair value of 5150.000. The carrying amount of the land is recorded at 5140.000. Provide the workings of necessary worksheet consolidation entries (no marks given) and complete the worksheet below. Adam Ltd Luke Ltd Adj. Dr. Adj. Cr. Group Income $50.000 334.000 Other income 514.000 512.000 Expenses $21.000 515.000 Income tax expense 38.000 $5.000 Profit for the period 535.000 $25,000 Retained earnings (1/7/15) 590.000 380.000 Transfer from general reserve $0 $0 Retained earnings (30/6/16) 5125,000 5105.000 Share capital 3558,000 5150.000 General reserve $92.000 530.000 Fair Value Adjustment Provisions $30.000 $30.000 Payables 515.000 $25,000 Deferred tax liability Loans $50.000 5110.000 Total equities and liabilities $970,000 5450.000 Plant $600,000 $820.000 Accumulated depreciation 4295,000 -3550,000 Futures 5305,000 3120.000 Accumulated depreciation 4180,000 -380.000 Land 5200,000 5140.000 Brands $50.000 $30.000 Shares in Luke Ltd $230,000 Inventory $45.000 $40.000 Cash $5.000 57.000 Receivables 515.000 513.000 Deferred tax asset Goodwill 510.000 Total assets $970,000 $450.000

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