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On 1 July 2014 Fred Ltd acquired 30% of the shares of Barney Ltd for...

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Accounting

On 1 July 2014 Fred Ltd acquired 30% of the shares of Barney Ltd for $240 000. At that date, the equity of Barney Ltd was $800 000, with all identifiable assets and liabilities being measured at fair value. Profits/(losses) made since the date of acquisition are as follows:

Year ended 30 June

Profit/(Loss)

$

2015

40 000

2016

(360 000)

2017

(500 000)

2018

15 000

2019

44 000

There have been no dividends paid or movements in reserves since the date of acquisition.

At 30 June 2016 the equity accounted balance of the investment in Barney was:

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