Largey Ltd acquires 100 per cent of the shares of Smalley Ltd on 1 July 2022 for a consideration of $650000. The share capital and reserves of Smalley Ltd at the date of acquisition are:

The directors consider that any goodwill acquired has not been the subject of an impairment loss. There are no transactions between the entities and all assets are fairly valued at the date of acquisition. The financial statements of Largey Ltd and Smalley Ltd at 30 June 2023 (one year after acquisition) are:

REQUIRED
Prepare the consolidated accounts for Largey Ltd and Smalley Ltd at 30 June 2023.

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Share capital $300 000 $150 000 Retained earnings Revaluation surplus $150 000 $600 000