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Financial accounting * Question 5 On 1 January 20X7 Parent Ltd acquired 75%...

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Accounting

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* Question 5 On 1 January 20X7 Parent Ltd acquired 75% of the ordinary shares in Daughter Ltd for 9,000 cash. The fair value of the net assets in Daughter Ltd was their book value. Assume in each case that the non-controlling interest is measured using Method 1. Required: see above. ed: see above.. Rouge plc acquired 100% of the common shares of Noir plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows: Rouge milion Noir milion 8 ASSETS Non-current assets Property, plant and equipment Investment in Noir Current assets Total assets EQUITY AND LIABILITIES Ordinary I shares Retained earnings lalelas lalo Current liabilities Total equity and liabilities Note: The fair values are the same as the book values. Required: Prepare a consolidated statement of financial position for Rouge plc as at 1 January 20X0

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