Objective: Apply selected accounting standards to practical problems from topic 8
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The financial statements of Pacific Ltd and its subsidiary Sea Ltd contained following information at 30 June 2014. Information extracted from the
Statement of Comprehensive Income:
Information extracted from the Statement of Financial Position:
Pacific Ltd acquired all the shares of Sea Ltd on 1 July 2012 for $880,000. The shareholders’
equity of Sea Ltd consisted of share capital $360,000, general reserve $120,000 and retained
earnings $230,000 at the acquisition date.