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7103AFE Corporate Accounting Lecture 4/Workshop 4 Business combinations Question 1: ACQUISITION ACCOUNTING Sweetlip Ltd and Warehou Ltd are two family-owned flax-producing companies in New Zealand. Sweetlip Ltd is owned by the Wood family and the Bradbury family owns Warehou Ltd. The Wood family has only one son and he is engaged to be married to the daughter of the Bradbury family. Because the son is currently managing Warehou Ltd, it is proposed that, after the wedding, he should manage both companies. As a result, it is agreed by the two families that Sweetlip Ltd should take over the net assets of Warehou Ltd. The statement of financial position of Warehou Ltd immediately before the takeover is as follows Carrying amount Fair value Cash $20 000 $ 20 000 Accounts receivable 140 000 125 000 Land 620 000 840 000 Buildings (net) 530 000 550 000 Farm equipment (net) $ 360 000 $364 000 225 000 Irrigation equipment (net) 220 000 Vehicles (net) 160 000 172 000 $2 050 000 Accounts payable $ 80 000 80 000 Loan Trevally Bank 480 000 480 000 Share capital 670 000 Retained earnings 820 000 $2 050 000 The takeover agreement specified the following details: Sweetlip Ltd is to acquire all the assets of Warehou Ltd except for cash, and one of the vehicles (having a carrying amount of $45 000 and a fair value of $48 000), and assume all the liabilities except for the loan from the Trevally Bank. Warehou Ltd is then to go into liquidation. The vehicle is to be transferred to Mr and Mrs Bradbury Sweetlip Ltd is to supply sufficient cash to enable the debt to the Trevally Bank to be paid off and to cover the liquidation costs of $5500. It will also give $150 000 to be distributed to Mr and Mrs Bradbury to help pay the costs of the wedding Sweetlip Ltd is also to give a piece of its own prime land to Warehou Ltd to be distributed to Mr and Mrs Bradbury, this eventually being available to be given to any offspring of the forthcoming marriage. The piece of land in question has a carrying amount of $80 000 and a fair value of $220 000 Sweetlip Ltd is to issue 100 000 shares, these having a fair value of $14 per share, to be distributed via Warehou Ltd to the soon to-be-married-daughter of Mr and Mrs Bradbury who is currently a shareholder in Warehou Ltd. The takeover proceeded as per the agreenment, with Sweetlip Ltd incurring incidental acquisition costs of $25 000, and $18 000 share issue costs Required Prepare the acquisition analysis and the journal entries to record the acquisition of Warehou Ltd in the records of Sweetlip Ltd. Please use the step by step approach from the lecture and number your steps Question 2: VOCUS GROUP ACCOUNTS In FY2017, Vocus acquired Nextgen and finalised the FY2016 purchase of M2 Group Limited. Read Note 34 and answer the following questions: . Prepare a short summary of the key points of each transaction including what they paid and how they paid. 2. In each business, what was the largest asset/s acquired by Vocus and why might they have wanted these assets?

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