This document presents a comprehensive solution to a corporate accounting assignment, focusing on the acquisition of Davis Ltd. It includes detailed calculations and journal entries related to the acquisition analysis at the acquisition date, business combination valuation, and pre-acquisition entries. The assignment covers the preparation of journal entries to recognize the Non-Controlling Interest (NCI) and consolidation worksheet entries. Furthermore, it explains the differences in the approach and outcomes when using the full goodwill method compared to the partial goodwill method, as well as the implications on the valuation of share capital, asset revaluation surplus, and retained earnings. The document references relevant accounting standards and provides a bibliography of sources used.
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