Consolidation worksheet entries including investments in joint ventures    LO3, 4 You are given the following details for the year ended 30 June 2020. Quokka Ltd Goanna Ltd Wallaroo Ltd Profit before tax $100 000 $30 000 $25 000 Income tax expense 31 000 10 000 6 000 Profit 69 000 20 000 19 000 Retained earnings at 1 July 2019 20 000 12 000 11 000 $ 89 000 $32 000 $30 000 Quokka Ltd Goanna Ltd Wallaroo Ltd Dividend paid $ 14 000 $ 6 000 $ 2 000 Dividend declared 15 000 4 000 8 000 Transfer to general reserve (from current period’s profit) 10 000 5 000 6 000 39 000 15 000 16 000 Retained earnings at 30 June 2020 $ 50 000 $17 000 $14 000 Additional information • Quokka Ltd owns 80% of the participating shares in Goanna Ltd and 20% of the shares in Wallaroo Ltd. Quokka Ltd has entered into a contractual arrangement with four other venturers in relation to Wallaroo Ltd, and the five investors have a joint control arrangement in relation to Wallaroo Ltd. • On 1 July 2018, all identifiable assets and liabilities of Goanna Ltd were recorded at fair value. Quokka Ltd purchased 80% of Goanna Ltd’s shares on 1 July 2018, and paid $5000 for goodwill, none of which had been recorded on Goanna Ltd’s records. Quokka Ltd uses the partial goodwill method. • At the date Quokka Ltd acquired its shares in Wallaroo Ltd, Wallaroo Ltd’s recorded equity was as follows. Share capital $100 000 General reserve 15 000 Retained earnings 5 000 All the identifiable assets and liabilities of Wallaroo Ltd were recorded at fair value. Quokka Ltd paid $25 000 for its shares in Wallaroo Ltd on 1 July 2018. There was $3000 transferred to general reserve by Wallaroo Ltd in the year ended 30 June 2019, out of equity earned since 1 July 2018. • Included in the beginning inventories of Quokka Ltd were profits before tax made by Goanna Ltd: $5000; Wallaroo Ltd: $3000. • Included in the ending inventories of Quokka Ltd were profits before tax made by Wallaroo Ltd: $4000. • Wallaroo Ltd had recorded a profit (net of $500 tax) of $2000 in selling certain non‐current assets to Quokka Ltd on 1 January 2020. Quokka Ltd treats the items as non‐current assets and charges depreciation at the rate of 25% p.a. straight‐line from that date. • Quokka Ltd purchased for $10 000 an item of plant from Goanna Ltd on 1 September 2018. The carrying amount of the asset at that date was $7000. The asset was depreciated at the rate of 20% p.a. straight‐line from 1 September 2018. • During the year ended 30 June 2020, Wallaroo Ltd has revalued upwards one of its non‐current assets by $8000. There had been no previous downward revaluations. • Dividend revenue is recognised when dividends are declared. • The tax rate is 30%. Required Prepare the consolidation worksheet entries (in journal form) needed for the consolidated statements for the year ended 30 June 2020 for Quokka Ltd and its subsidiary Goanna Ltd. Include the equity‐accounted results of Wallaroo Ltd.