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On 1 January 20X3, Claudia Ltd, an Australian company, acquired 80% of the shares of Saskia Ltd, a New Zealand company, for A$2 498 000. At that date the share capital of Saskia was NZ$2 million and the retained earnings were NZ$1 440 000.
All the assets and liabilities of Saskia were recorded at fair value except for land, for which the fair value was NZ$200 000 higher than the carrying amount and equipment, for which the fair value was NZ$80 000 higher than the carrying amount. The undervalued equipment had a further 4-year life. The tax rate in New Zealand is 25%.
Exchange rates are as follows:
-The adjustment to the foreign currency translation reserve on 31 December 20X3 relating to the revaluation of the land if the functional currency of Saskia is New Zealand dollars is:
Postmodern Society
A phase of society characterized by skepticism towards grand narratives and ideologies, embracing pluralism, diversity, and a questioning of universal truths.
Work Clock
A device or system for measuring and recording the hours worked by an employee, or metaphorically, the cultural or personal expectations regarding work hours and effort.
German Term
A word or phrase that is in the German language.
Cultural Relativism
A principle that suggests one should understand individual human behaviors and ideas within the context of the culture in which they are found, without making judgments.
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