Add accounts like NCI, goodwill, and any other accounts you need (show JE's with explanations...
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Accounting
Add accounts like NCI, goodwill, and any other accounts you need (show JE's with explanations and calculations)
Company S acquired 80% of Company R on December 31,2022 for $300 per common share. On the date of acquisition, the fair market value of Rs net identifiable assets were equal to their book values except for inventories (fair value $1,700,000 ). capital assets (net) (fair value $3,000,000 ) and liabilities (fair value $2,400,000 ). Company S accounts for Company R in its separate entity financial statements using the cost method. Required: Using the fair value enterprise method of consolidation under IFRS: 1.Prepare all consolidation and elimination journal entries in proper format at December 31, 2022 and post these journal entries to the consolidation worksheet supplied to you. 2.Prepare a consolidated balance sheet in worksheet format as at December 31, 2022 using the consolidation worksheet provided to you
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