ACCT209 - Corporate Accounting - Accounting and Finance Assignment Help

Assignment Task

Context 
This assignment provides students’ opportunities to apply knowledge of accounting for combination of  corporate entities in preparation of consolidation under Australian regulatory framework.  
Instructions 
This assignment requires student to work on the case/ question (as listed in Appendix 1) and perform  the calculations needed to address the requirements listed in the ‘Structure’ below; The text materials  relevant to this assessment are chapter 25 and 26 (topics in Week 5 and 6) 
Structure 
You are required to address the following questions/ issues in your group report, A) Prepare the acquisition analysis as at 30 June 2020. (20%) 
B) Provide all journal entries (as shown below) necessary to consolidate the Apple Group for the  year ended 30 June 2020. 
(1) journal to eliminate the investment in subsidiary at 30 June 2020 (10%) 
(2) journal to record Business Combination Valuation Reserve or fair value adjustment (15%) 
(3) consolidation worksheet journal entries to eliminate the effects of intragroup transactions  at 30 June 2020 (15%) 
C) Complete the consolidation worksheet for the preparation of the consolidated financial  statements for the period ended 30 June 2020. (20%) 
D) Prepare the consolidated statement of profit or loss and the consolidated Statement of Financial  Position for Apple Limited and its subsidiary, at 30 June 2020. (20%) 
Referencing 
All referencing should be in ACU Harvard style; however if you are coming from another faculty, you may  choose to use your usual referencing style. If this is the case you must indicate at the top of your reference  list what referencing style you are using (e.g. APA, MLA, Chicago, etc). 
Please ensure your assignment makes use of in-text citations and a reference list. Missing citations or  references is equivalent to plagiarism.  

Appendix 1: 
Apple Ltd acquired 100% of the issued shares of Orange Ltd, for $290,000 paid in cash. At the date of  acquisition, 1 July 2018, the reported shareholder’s equity of Orange Ltd was: 
The Apple Group adopted the cost model to measure property, plant and equipment and identifiable intangible assets. The carrying amounts and fair values of the recorded assets and liabilities of Orange Ltd at 1 July 2018 were as shown below:

Other information: 
1) Apple borrowed $27,000 from Orange during the financial year. Interest is $2,700 per annum of  which Apple has paid $1,200 before 30 June 2020.
2) At the acquisition, Orange Ltd has disclosed information on its contingent liabilities of $25,000 in  the notes to its financial statement. Orange Ltd is not permitted to recognise a contingent  liability on its statement of financial position as according to AASB 137 par. 27 
3) At the date of acquisition, the equipment owned by Orange Ltd was three years old and has a  remaining useful life of six years. The Group decides to depreciate the equipment over five  years. The depreciation method used in both companies is assumed is to be on straight-line  basis. The revaluation is made on consolidation. 
4) The Apple Group sold all of Orange Ltd’s land to an external party for $220,000 on 30  November 2019. 
5) Inventory on hand at 1 July 2018 was sold within six months of acquisition. 
6) Orange Ltd developed a new product during the two years before 1 July 2018. The product is  selling profitably under its current brand name and is expected to generate profits for at least 15  years after 1 July 2018. The fair value of the brand name was reliably measured at $150,000 
7) Apple Ltd sold inventory of $134,000 to Orange Ltd on 1 July 2019. The original cost of this  inventory to Apple Ltd was $112,500. Orange Ltd has 60% of this inventory on hand at 30 June  2020. 
8) Apple Ltd transferred its plant to Orange Ltd on 31 December 2018. The proceeds on the sale  were $750,000. At the date of the transfer the plant had a carrying amount to Apple Ltd of  $500,000 (cost of $1,350,000 and accumulated depreciation of $850,000) and a remaining  useful life of 4 years. 
9) The annual impairment test assessed the recoverable amounts of Orange’s goodwill at $30,000  on 30 June 2019. The directors of Apple Ltd believe that the goodwill relating to the acquisition  of Orange Ltd has been impaired by a further $6,000, during the year ended 30 June 2020. 
10) The company income tax rate over the relevant period was 30% 

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