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Questions:

1.Journal entries

Mergers and acquisitions are common in the business world and many accounting issues must be addressed when they occur.

On July 1", 2015, Benson Ltd's total assets and liabilities were acquired by Hedges Ltd. Benson's great attraction for Hedges was its air filter division, which Hedges believed would complement its own. The Benson air filter division was only part of the total business acquired and is regarded as a CGU.

Hedges Ltd's acquisition price was $2 million for the net assets of Benson Ltd, of which Hedges calculated that it had acquired goodwill of $240 000. The goodwill was allocated to each of the divisions, and the assets and liabilities acquired measured at fair value at acquisition date.

At 30 June 2018, the carrying amounts of the assets of the air filter division were:

Factory $250 000
Inventories 150 000
Brand 'Breathe E- 50 000
Z' Goodwill 50 000

New technology has seen a decrease in the value of the 'Breathe E-Z" filters, which has seen Hedges Ltd revalue the air filter division down to $465 000 as at 30 June 2018. Required  1. Prepare the journal entries to account for the impairment loss at 30 June 2018. 2. Prepare the journal entries as above but now assuming the value in use of the air filter business 30 June 2018 was determined to be $423 000.

2.

Accounting for defined benefit superannuation plans

Connor Holdings Ltd (CHL) is a sports management company based in Sydney NSW, which specialises in the management of emerging golfers in Australia. CHL has a superannuation plan for its agents and uses the defined benefit model.

CI-IL provides the following information on the defined benefit plan.

Present value of the defined benefit obligation 1 July 2016   10 000 000
Fair value of plan assets 1 July 2016                                  9 500 000
Current service cost                                                         1 150 000
Contributions paid by CHL to the fund during the year         1 000 000
Benefits paid by the fund during the year 1 200 000
Present value of the defined benefit obligation 30 June 2017  10 750 000
Fair value of plan assets at 30 June 2017                             10 047 500

Additional information

(a) No past service costs were incurred during the year ended 30 June 2017.
(b) The interest rate used to measure the present value of defined benefits at 30 June 2016 was 9%.
(c) The interest rate used to measure the present value of defined benefits at 30 June 2017 was 10%.
(d) There was an actuarial gain pertaining to the present value of the defined benefit obligation as a result of an increase in the interest rate. (e) The only re-measurement affecting the fair value of plan assets is the return on plan assets. (f) The asset ceiling was nil at 30 June 2016 and 30 June 2017. (g) All contributions received by the funds were paid by CHL. Employees make no contributions.

Required

1. Calculate the surplus or deficit of CHL's defined benefit plan at 30 June 2017.
2. Calculate the net defined benefit asset or liability that should be recognised by CHL at 30 June 2017.
3. Determine the net interest for the year ended 30 June 2017.
4. Determine the actuarial gain or loss for the defined benefit obligation for the year ended 30 June 2017.
5. Calculate the return on plan assets, excluding any amount recognised in net interest, for the year ended 30 June 2017.
6. Present a reconciliation of the opening balance to the closing balance of the net defined benefit liability (asset), showing separate reconciliations for plan assets and the present value of the defined benefit obligation. 7. Prepare a summary journal entry to account for the defined benefit superannuation plan in the books of CHL for the year ended 30 June 2017.
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