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On 31 May 20X8, DNT purchased 175,000 of BL's 250,000 $1 ordinary shares for $700,000. At 1 September 20X7, BL's retained earnings were $650,000 (there were no other reserves). During the year ended 31 August 20X8, BL made a profit after tax of $40,000. It can be assumed that BL's revenue and expenses accrue evenly throughout the year. It is the group policy to value non-controlling interests at fair value at the date of acquisition. The fair value of the non-controlling interest at 31 May 20X8 was $262,500. Calculate the goodwill that arose on the acquisition. $________ |