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Chuckle Co acquired 30% of Grin Co for $100 million on 1 April 20X4, and Grin Co should be accounted for as an associate using the equity method. A prior period adjustment is necessary as Grin Co was not previously accounted for correctly, requiring restatement of financial statements for the year ended 31 March 20X6. The investment in Grin Co will be valued at $118.6 million, reflecting the initial investment plus 30% of the increase in net assets since acquisition.

Author

duniyafc

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EN