Question 1 As at 31 December 2014, the summarised balance sheets of Ronaldo and Messi were as follows:

Question 1

As at 31 December 2014, the summarised balance sheets of Ronaldo and Messi were as follows:

On 1 January 2015, Ronaldo acquired all of the shares in Messi in exchange for 40,000 of its own newly issued shares, the fair va