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(acca问答题)
1 Below are the summarised statements of financial position for three companies as at 31 March 2009:
Notes:
Pacemaker is a public listed company that acquired the following investments:
(i) Investment in Syclop
On 1 April 2007 Pacemaker acquired 116 million shares in Syclop for an immediate cash payment of
$210 million and issued at par one 10% $100 loan note for every 200 shares acquired. Syclop’s retained
earnings at the date of acquisition were $120 million.
(ii) Investment in Vardine
On 1 October 2008 Pacemaker acquired 30 million shares in Vardine in exchange for 75 million of its own
shares. The stock market value of Pacemaker’s shares at the date of this share exchange was $1·60 each.
Pacemaker has not yet recorded the investment in Vardine.
(iii) Pacemaker’s other investments, and those of Syclop, are available-for-sale investments which are carried at their
fair values as at 31 March 2008. The fair value of these investments at 31 March 2009 is $82 million and
$37 million respectively.
Other relevant information:
(iv) Pacemaker’s policy is to value non-controlling interests at their fair values. The directors of Pacemaker assessed
the fair value of the non-controlling interest in Syclop at the date of acquisition to be $65 million.
There has been no impairment to goodwill or the value of the investment in Vardine.
(v) At the date of acquisition of Syclop owned a recently built property that was carried at its (depreciated)
construction cost of $62 million. The fair value of this property at the date of acquisition was $82 million and it
had an estimated remaining life of 20 years.
For many years Syclop has been selling some of its products under the brand name of ‘Kyklop’. At the date of
acquisition the directors of Pacemaker valued this brand at $25 million with a remaining life of 10 years. The
brand is not included in Syclop’s statement of financial position.
The fair value of all other identifiable assets and liabilities of Syclop were equal to their carrying values at the
date of its acquisition.
(vi) The inventory of Syclop at 31 March 2009 includes goods supplied by Pacemaker for $56 million (at selling
price from Pacemaker). Pacemaker adds a mark-up of 40% on cost when selling goods to Syclop. There are no
intra-group receivables or payables at 31 March 2009.
(vii) Vardine’s profit is subject to seasonal variation. Its profit for the year ended 31 March 2009 was $100 million.
$20 million of this profit was made from 1 April 2008 to 30 September 2008.
(viii)None of the companies have paid any dividends for many years.
Required:
Prepare the consolidated statement of financial position of Pacemaker as at 31 March 2009.
(25 marks)
1 2
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