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  • HW2 BatireeduiR B21FP1006

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    Plastik Co acquired Subtrack Co. The consideration transferred exceeded the fair value of Subtrack's net assets by $4,000, which was recorded as goodwill. Plastik's share of Subtrack's post-acquisition retained earnings was $6,045 and the non-controlling interest's share was $4,800. For the year ended September 30, 20X4, Plastik reported total revenue of $82,400 and total comprehensive income of $11,745, of which $10,445 was attributable to the owners of the parent and $300 was attributable to the non-controlling interest.

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    Plastik Co acquired Subtrack Co. The consideration transferred exceeded the fair value of Subtrack's net assets by $4,000, which was recorded as goodwill. Plastik's share of Subtrack's post-acquisition retained earnings was $6,045 and the non-controlling interest's share was $4,800. For the year ended September 30, 20X4, Plastik reported total revenue of $82,400 and total comprehensive income of $11,745, of which $10,445 was attributable to the owners of the parent and $300 was attributable to the non-controlling interest.

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    14 views4 pages

    HW2 BatireeduiR B21FP1006

    Uploaded by

    rbaamba
    Plastik Co acquired Subtrack Co. The consideration transferred exceeded the fair value of Subtrack's net assets by $4,000, which was recorded as goodwill. Plastik's share of Subtrack's post-acquisition retained earnings was $6,045 and the non-controlling interest's share was $4,800. For the year ended September 30, 20X4, Plastik reported total revenue of $82,400 and total comprehensive income of $11,745, of which $10,445 was attributable to the owners of the parent and $300 was attributable to the non-controlling interest.

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    of 4

    Plastik Co

    a/ Goodwill:

    $OOO
    Consideration transferred
    Deferred consideration

    FV of NCI

    FV of net assets:
    Shares 9000
    Retained earnings 2000
    FV adj - Property 4000

    Goodwill

    b/ Retained earnings:

    i/ Plastik Co
    $OOO
    Per question 6300
    Less:Pre-acquisition
    Goodwill impairment
    Unwinding of discount -135
    Dep on FVA
    PURP -120
    6045
    Share of Subtrack 720
    6765

    ii/ NCI:
    $OOO
    NCI at acq 4500
    Share of post-acq RE 180
    Share of property rev gain 120
    4800

    c/ SOPL&Comprehensive income for the year ended 30/Sep/20X4:

    $OOO
    Revenue 82400
    Cost of sales -61320
    Gross profit 21080
    Distribution cost -2900
    Adminstrative exp -4350
    Finance cost -335
    PBT 13495
    Income tax -3850
    9645
    Other comprehensive income:
    Gain on rev of property 2100
    Total comprehensive income 11745

    Profit for the year attri to:


    Owners of the parent (beta) 8465
    NCI (W1) 180
    8645

    Total comprehensive income att to:


    Owners of the parent (beta) 10445
    NCI (W1) 300
    10745

    Workings:

    1/ NCI:
    Profit for year
    $OOO
    Per b above 900
    Gain on property rev
    900
    NCI@20% 180
    $OOO
    14400
    1800
    16200
    4500
    20700

    -15000
    5700

    Subtrack Co
    $OOO
    3500
    -2000
    -500

    -100

    900

    d 30/Sep/20X4:
    Total comprhensive income
    $OOO
    900
    600
    1500
    300

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