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Originally, Piano Ltd acquired 30% equity interest in Violin Ltd on 1 January 2021. On...

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Accounting

Originally, Piano Ltd acquired 30% equity interest in Violin Ltd on 1 January 2021. On 31 December

2022, Piano Ltd acquired additional 40% interest in Violin Ltd by paying a consideration of $8 million.

Explain how the accountant (Sophia) of Piano Ltd should deal with the Investment in Violin Ltd

balance on 31 December 2022 before preparing the consolidated financial statements of Piano Ltd.

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