Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. QuestionSara Co acquires 75% of the shares of Hannah Co on 1 June 20X7, whenHannah Co's reserves were $325,000. Their respective statements of financialposition at 31 May 20X9 were:PropertyInvestment in HannahInventoryReceivablesShare Capital $1ReservesCurrent liabilitiesSara Co$2,000,0001,000,000500,590200,410300,0002,900,000501,000Hannah Co$1,260,000310,00045,000200,000525,000890,000An impairment review conducted at 31 May 20X9 found that goodwill hadbeen impaired by 30%.The fair value of the non-controlling interest at 1 June 20X7 was $1 per share,and at 31 May 20X9 it was $1.60 per share.The fair value of the assets of Hannah Co were considered to be the same astheir book value.What is the goodwill in Hannah Co as at 31 May 20X9?

The cost of investment includes the cash transferred, Fair value of assets transferred, fair value…

Answered: Sara Co acquires 75% of the shares of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sara Co acquires 75% of the shares of Hannah Co on 1 June 20X7, when Hannah Co's reserves were $325,000. Their respective statements of financial position at 31 May 20X9 were: