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International Accounting Exercise
On January 1, 2023, ABC Company, a US-based company, acquired XYZ Company, a UK-based company. ABC Company paid £10 million for XYZ Company. The exchange rate on January 1, 2023, was £1 = $1.25.
ABC Company will account for the acquisition using the acquisition method.
- Record the acquisition of XYZ Company in the books of ABC Company.
- Prepare a consolidated balance sheet for ABC Company and XYZ Company as of January 1, 2023.
1. Record the acquisition of XYZ Company in the books of ABC Company
- Debit: Investment in XYZ Company (£10 million)
- Credit: Cash (£10 million)
2. Prepare a consolidated balance sheet for ABC Company and XYZ Company as of January 1, 2023
|Investment in XYZ Company
The acquisition of XYZ Company is recorded as an investment in XYZ Company on the balance sheet of ABC Company. The investment is valued at the fair value of XYZ Company, which is £10 million. The exchange rate on January 1, 2023, is £1 = $1.25, so the investment is valued at $12.5 million in the books of ABC Company.
Goodwill is recorded as the excess of the purchase price of XYZ Company over the fair value of its net assets. In this case, the purchase price is £10 million and the fair value of the net assets is £20 million, so goodwill is £2.5 million.
The other assets and liabilities of XYZ Company are added to the corresponding assets and liabilities of ABC Company on the consolidated balance sheet.
The equity of XYZ Company is eliminated on the consolidated balance sheet. The equity of ABC Company is increased by the amount of the investment in XYZ Company, plus the amount of goodwill.