All the identifiable assets and liabilities of Coverley Ltd were recorded at fair value. Profits and dividends for the years ended 30 June 2017 to

Please answer question B with step by step solution. Please provide me the answer ASAP as I need it urgent. Thanks in advance.

All the identifiable assets and liabilities of Coverley Ltd were recorded at fairvalue. Profits and dividends for the years ended 30 June 2017 to 2018 were asfollows: Profit Income tax Dividend Dividendbefore tax expense Paid Declared 2017 160 one 20 one so 000 20 nonm 120 can 50 000 _ 1. Prepare journal entries in the records of Bromley Ltd for each of the yearsended 30 June 201? to 2010 in relation to its investment in the associate,Coverley Ltd. (Assume Bromley Ltd does not prepare consolidatedfinancial statements.) 2. Prepare the consolidation worksheet entries to account for Bromley Ltd’sinterest in their associate, Coverley Ltd. (Assume Bromley Ltd doesprepare consolidated financial statements.) 3. Calculate the carrying amount of the investment in Coverley Ltd at 30 June2018. (C) Halem Ltd acquired a 30% interest in Morow Ltd for $200 000 an the 1 July, 2017.Halem Ltd accounts for this investment as an associate. At acquisition date, there is a fair value difference of $20 000 for some depreciable non-current assetsof Morow Ltd’s. These depreciabie assets are expected to have a further 10 yearlife. There is no goodwill or gain on bargain purchase. Profit after tax for Morow Ltd after the first year is $80 000. In this first year,Halem Ltd sold inventory to Morow Ltd and recorded a before profit of $20 000.At 30 June 2018, the inventory is unsold by Morow Ltd. In addition, Morow Ltd sold machinery to Halem Ltd for $50 000 on 1 July, 201?.The machinery had a carrying amount in Morow Ltd accounts of $42 000. Halemapplies 20% pa straight-line depreciation method. With the assistance of the class, discuss in detail the calculation of Halem Ltd’sshare of profit for 30 June, 2018.

Show more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10