Business, 16.02.2021 15:40 Casmereee

Assume that ABC Company acquires 80 percent of XYZ Company’s 120,000 outstanding voting shares on January 1, 2011, for Br 8 per share or a total of Br 768,000 cash consideration. Further assume that the 20 percent non-controlling interest shares traded both before and after the acquisition date at an average of Br 8 per share. Assume the subsidiary earned net income of Br 200,000 during the period and paid cash dividend of Br 30,000. Assume ABC used equity method. Required: 1. Record the necessary entries on the book of ABC

2. Prepare consolidated financial statement at the end of the year; December 31, 2011

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Assume that ABC Company acquires 80 percent of XYZ Company’s 120,000 outstanding voting shares on Ja...

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