This report analyzes the consolidation of Griffin Ltd's acquisition of Frank Ltd on July 1, 2016. It includes the calculation of goodwill, pre-acquisition entries, and consolidated financial statements. The analysis considers the fair values of identifiable assets and liabilities, including share capital, general reserve, retained earnings, plant, inventory, land, patents, and damages payable. The report presents consolidation worksheets, profit and loss accounts, and statements of financial position to illustrate the financial impact of the business combination. Assumptions are made to eliminate intercompany transactions and accurately reflect the combined financial performance of the two companies. The main focus of the report is to eliminate all of the entries and the transactions that take place between the subsidiaries of 2 companies. In the above case, Griffin has taken over Frank limited. All of the general reserves, retained earnings, share capital and also of the assets are valued at their fair values.
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