Exercise 21.2 ★ CONSOLIDATION WORKSHEET ENTRIES 1 YEAR AFTER ACQUISITION DATE At 1 July 2013, Pisces Ltd acquired all the shares of Ursa Ltd for £283 000. At this date the equity of Ursa Ltd consisted of: Share capital — 100 000 shares General reserve Retained earnings £200 000 50 000 20 000 All the identifi able assets and liabilities of Ursa Ltd were recorded at amounts equal to fair value except for the following assets: Carrying amount Fair value Inventory Plant (cost £280 000) £ 60 000 200 000 £ 65 000 210 000 The inventory was all sold by 30 June 2014. The plant has a further 5-year life, and depreciation is calculated on a straight-line basis. When revalued assets are sold or fully consumed, any related revaluation surplus is transferred to retained earnings. The tax rate is 30%. Required Prepare the consolidation worksheet entries at 30 June 2014 for the preparation of the consolidated fi nancial statements of Pisces Ltd.