on december 31 20×14 pepper company of winnipeg acquired 100 of the outstanding shar 3387267

On December 31, 20X14, Pepper Company of Winnipeg acquired 100% of the outstanding shares of Salt Company of Switzerland. On this date, the fair values of Salt’s identifiable assets and liabilities were equal to their carrying value. Salt’s statements of financial position as at December 31, 20X14, and December 31, 20X15, and Salt’s 20X15 statement of comprehensive income and retained earnings follow: Salt Co. Statement of Financial Position December 31 ? Salt Co. Statement of Comprehensive Income and Retained Earnings Year ended December 31, 20X15 Sales……………………………………………………………………………………………………… SF 850,000 Cost of sales…………………………………………………………………………………………… (500,000) Gross margin……………………………………………………………………………………………. 350,000 Amortization expense……………………………………………………………………………….. (30,000) Other expenses…………………………………………………………………………………………. (245,000) Net income……………………………………………………………………………………………… 75,000 Retained earnings, January 1, 20X15……………………………………………………………. 125,000 ….

 

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