on january 1 2013 polaris acquired all the share capital of gordon for u s 249800 polaris has a functional currency of the canadian dollar and gordon has th/

The equipment is expected to have a further 10-year life. All of the inventory was sold by December 31, 2013. The tax rate is 40%. The following exchange rates exist:
Date …….. U.S. $1
January 1, 2013 …. C$0.989
Average 2013 …. C$0.925
December 31, 2013 .. C$01.01
Required
Prepare the acquisition analysis and calculate the fair value adjustments for the preparation of consolidated financial statements in Canadian dollars for Polaris and its subsidiary Gordon as at:
(a) January 1, 2013.
(b) December 31, 2013.

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