| Country : | Australia |
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Assignment Task -
Revision Q 2 for mid exam Business Combination
Accounting at acquisition date by the acquirer
On 1 July 2016, Brad Ltd acquired all of the assets and liabilities of Pitt Ltd. In exchange for these assets and liabilities, Brad Ltd issued 350,000 shares that at date of issue had a fair value of $2.00 per share. Costs of issuing these shares amounted to $1,800. Legal costs associated with the acquisition of Pitt Ltd amounted to $4,000.
Required
A. Prepare the acquisition analysis at 1 July 2016 for the acquisition of Pitt Ltd by Brad Ltd.
B. Prepare the journal entries in the records of Brad Ltd at 1 July 2016.
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