Earlier we saw that Peirce provided a pragmatic maxim that gave us a pragmatist method to figure

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I was wondering if you could please help me with the attached please?
Thank you ACCT 2178 Contemporary Financial & Integrated Reporting Assessment Task Two: Session 2, 2020 Weekly Work Marks: 35% of total assessment Weekly Work generally Weekly Work will consist of different tasks relating to a particular module, including: contributing to discussions on the discussion board on questions relating to the module; submitting answers to questions relating to the module in the assignment box on Canvas; or a combination of 1) and 2), that is
View complete question Hello there,
I was wondering if you could please help me with the attached please?
Thank you ACCT 2178 Contemporary Financial & Integrated Reporting Assessment Task Two: Session 2, 2020 Weekly Work Marks: 35% of total assessment Weekly Work generally Weekly Work will consist of different tasks relating to a particular module, including: contributing to discussions on the discussion board on questions relating to the module; submitting answers to questions relating to the module in the assignment box on Canvas; or a combination of 1) and 2), that is contributing to discussions on the discussion board on particular question(s) relating to the module and submitting answers to other questions relating to the same module in the assignment box on Canvas. Contribution of Weekly Work towards your Final Assessment in ACCT 2178 Module Contribution to your Final Assessment Module 1 3% Modules 2, 4, 5, 6, 7, 8, 9, and 10 4% each for 8 different Modules: 4% x 8 modules 32% Total Contribution of Weekly Work towards your Final assessment in ACCT 2178 35% Weekly Work for Module 10: submit an answer to the question below on Canvas Weekly Work relating to Module 10 counts as 4% towards your final assessment in ACCT 2178. For Module 10, you need to submit an answer to the question below relating to module 10 in the assignment box on Canvas.
Question: Submit to Assignment Box Question [4% of your Final Assessment] On 30 June 2016, P Ltd purchased 80% of the shares of S Ltd for $4,340,000 cash. At the date of acquisition, S Ltds statement of financial position was as follows: Statement of Financial Position of S Ltd as at 30 June 2016 Assets Liabilities Cash 457,000 Accounts Payable 538,000 Accounts Receivable 721,000 Bank Loans 2,412,000 Inventory 794,000 Deferred Tax Liabilities 375,000 Land 2,950,000 Buildings 960,000 Equity (Accumulated Depreciation) (256,000) Share Capital 3,000,000 Plant & Equipment 2,780,000 Revaluation Surplus 875,000 (Accumulated Depreciation) (556,000) Retained Profits 30/6/2016 650,000 Total Assets 7,850,000 Total Equities 7,850,000 Additional Information a) On 30 June 2016, all the identifiable net assets of S Ltd were considered to be recorded at fair value in S Ltds statement of financial position, except land, which had a fair value of $3,450,000. The land has not been revalued in S Ltds accounts. b) P Ltd has a policy of valuing Non-Controlling Interest at Fair Value at acquisition date. c) On 30 June 2018, the recoverable amount of goodwill, relating to the purchase of S Ltd by P Ltd, was assessed to be $415,000. On 30 June 2020, the recoverable amount of goodwill, relating to the purchase of S Ltd by P Ltd, was assessed to be $335,000. d) On 1 November 2019 S Ltd lent $1,320,000 to P Ltd, at an annual rate of interest of 10%. Interest is payable half-yearly on 30 April, and 31 October each year. e) During the 2019-2020 financial year, S Ltd sold goods to P Ltd for $1,860,000. These goods had originally cost S Ltd $1,220,000. On 30 June 2019, 25% of these goods remained in P Ltds closing inventory. f) On 30 June 2020, P Ltd still owed S Ltd $193,000 for inventory purchases. g) P Ltds opening inventory includes goods purchased from S Ltd for $547,000. These goods had originally cost S Ltd $367,000. h) On 1 July 2019, P Ltd sold a building to S Ltd for $1,150,000. P Ltd had originally purchased the building for $1,080,000, on 1 July 2014. The original estimated useful life of the building was 30 years. i) The company income tax rate is 30%. Statements of Profit or Loss of P Ltd and S Ltd for the year ended 30 June 2020 P Ltd S Ltd Sales 14,729,000 8,274,000 Cost of Goods Sold 10,016,000 5,469,000 Gross Profit 4,713,000 2,805,000 Depreciation Expense 535,000 356,000 Borrowing Costs Expense 609,000 276,000 Administration Expenses 2,475,000 1,431,000 Interest Revenue – 88,000 Dividend Revenue 236,000 – Gain on Sale of Building 250,000 – Profit before Income Tax Expense 1,580,000 830,000 Income Tax Expense 474,000 249,000 Profit after Income Tax Expense 1,106,000 581,000
Statements of Changes in Equity of P Ltd and S Ltd for the year ended 30 June 2020 [Extract] P Ltd S Ltd Retained Profits 1/7/19 2,647,000 1,274,000 Profit after Income Tax Expense 1,106,000 581,000 Interim Dividend Paid 264,000 140,000 Final Dividend Declared 289,000 155,000 Retained Profits 30/6/20 3,200,000 1,560,000 Statements of Financial Position of P Ltd and S Ltd as at 30 June 2020 P Ltd S Ltd Assets Cash 589,000 398,000 Accounts Receivable 1,504,000 841,000 Dividends Receivable 124,000 – Interest Receivable – 22,000 Inventory 1,737,000 917,000 Land 5,230,000 2,950,000 Buildings 4,620,000 2,110,000 Accumulated Depreciation (1,848,000) (430,000) Plant and Equipment 3,810,000 2,780,000 Accumulated Depreciation (2,286,000) (1,668,000) Loan to P Ltd – 1,320,000 Investment in S Ltd 4,340,000 – Total Assets 17,820,000 9,240,000 Liabilities Accounts Payable 1,138,000 588,000 Dividends Payable 289,000 155,000 Borrowing Costs Payable 156,000 73,000 Bank Loans 5,217,000 2,614,000 Loan from S Ltd 1,320,000 – Deferred Tax Liabilities 495,000 375,000 Equity Share Capital 4,850,000 3,000,000 Revaluation Surplus 1,155,000 875,000 Retained Profits 30/6/20 3,200,000 1,560,000 Total Equities 17,820,000 9,240,000 Required: Prepare the Consolidation Worksheet Journal entries for the financial year ended 30 June 2020, including the consolidation journal entries recognising the non-controlling interest. Show all workings necessary to derive your answer. Due Date: Friday, 23 October 2020

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