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Jenny Co acquires 80% of the share capital of Smith Co on 1 October 20X3. The consideration given is $2 million in cash and 400,000 $1 equity shares of Jenny Co. The market value of each of Jenny Co's shares on 1 December is 300 cents. On 1 October, the fair value of Smith Co's net tangible assets is $2,000,000. Jenny Co measures non-controlling interests at acquisition at their proportionate share of the subsidiary's net assets. What is the amount of goodwill on acquisition to be dealt with in Jenny Co's consolidated accounts at the combination date? $ ________ |