Jacko Ltd owns 100 per cent of the shares of Jackson Ltd, acquired on 1 July 2022 for $3.5 million when the shareholders’ funds of Jackson Ltd were:

All assets of Jackson Ltd are fairly stated at acquisition date. The directors believe that there has been an impairment loss on the goodwill of $35 000 for the year ended 30 June 2023. During the 2023 financial year, Jackson Ltd sells inventory to Jacko Ltd at a sale price of $700 000. The inventory cost Jackson Ltd $420 000 to produce. At 30 June 2023, half of the inventory is still on hand with Jacko Ltd. The tax rate is 33 per cent. The financial statements of Jacko Ltd and Jackson Ltd at 30 June 2023 are as follows:

Required

Provide the consolidated financial statements for Jacko Ltd and its controlled entity for 2023

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Share capital Retained earnings $ 1 750 000 1 400 000 3 150 000