Prepare the journal entry required for consolidation purposes on the date of acquisition assuming current Canadian GAAP.
ABC invested $30 million in cash in DEF Inc, which was determined to be a VIE
whose primary beneficiary is ABC Inc. The balance sheet of DEF on the acquisition date January 1, 2016 is shown below (all figures in millions $$):
The fair value of DEF's non-controlling interest is $55.
What will be an ideal response?
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What will be an ideal response?