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On 1 January 20X9, Mindy acquired 80% of the equity share capital of Zelner in a share exchange of two shares in Mindy for three shares in Zelner. The issue of shares has not yet been recorded by Mindy. At the date of acquisition shares in Mindy had a market value of $6 each. Below are the summarised draft financial statements of both entities.
Cost of sales
Profit before tax
Income tax expense
Profit for the year
Property, plant and equipment
Current assets Total assets
Equity and liabilities
Equity shares of $1each
10% loan notes
Total equity and liabilities
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