|University||Singapore University of Social Science (SUSS)|
|Subject||ACC491: Advanced Consolidation and Corporate Reporting|
On 1 January 20×0, Aspen Ltd acquired 60% of the shares of Birch Ltd, when the fair value of Birch Ltd’s identifiable net assets was equal to the book value represented by share capital of $300,000 and retained profit of $300,000, except for an unrecognized brand that had a fair value of $100,000.
On 1 January 20×1, Birch Ltd acquired 70% of the shares of Cedar Ltd, when the fair value of Cedar Ltd’s identifiable net assets was equal to book value represented by share capital of $160,000 (comprising 160,000 shares) and retained profit of $200,000.
On 1 January 20×3, Aspen Ltd sold machinery to Birch Ltd at an invoice price of $70,000. The machinery had an original cost of $50,000, accumulated depreciation of 30,000, and a remaining useful life of 4 years as of 1 January 20×3.
During 20×3, Birch Ltd sold $240,000 of inventory to Aspen Ltd for $300,000. As of 31 December 20×3, 40% of the inventory remained unsold in the warehouse of Aspen Ltd and was sold to external parties only during 20×4.
The three companies present annual financial statements with 31 December year-ends and adopt the Singapore Financial Reporting Standards (International) (SFRS(I)). All the relevant SFRS(I) that were issued by the Accounting Standards Council as of 1 January 2023 are assumed to have been effective on 1 January 20×0.
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