Consolidation worksheet entries, multiple subsidiaries, acquisitions on the same date  LO3 On 1 July 2017, Laos Ltd acquired 70% of the issued shares of Maldives Ltd for $100 000 and Maldives Ltd acquired 60% of the issued shares of Malaysia Ltd for $70 000. The equity of the companies at 1 July 2017 was as follows. Maldives Ltd Malaysia Ltd Share capital $100 000 $80 000 Retained earnings 40 000 30 000 At 1 July 2017, all the identifiable assets and liabilities of both Maldives Ltd and Malaysia Ltd were recorded at fair value. At 30 June 2020, the financial data of the three companies were as follows. Laos Ltd Maldives Ltd Malaysia Ltd Sales revenue $120 000 $102 000 $ 84 000 Other revenue 60 000 44 000 36 000 Total revenues 180 000 146 000 120 000 Cost of sales 90 000 80 000 72 000 Other expenses 60 000 41 000 26 000 Total expenses 150 000 121 000 98 000 Profit before income tax 30 000 25 000 22 000 Income tax expense 8 000 8 000 5 000 Profit for the period 22 000 17 000 17 000 Retained earnings (1/7/19) 55 000 46 000 25 000 Total available for appropriation 77 000 63 000 42 000 Dividend paid 15 000 10 000 5 000 Retained earnings (30/6/20) 62 000 53 000 37 000 Share capital 148 000 100 000 80 000 Net assets $210 000 $153 000 $117 000 Since 1 July 2017, the following transactions have occurred between the three companies. • On 1 July 2019, Malaysia Ltd sold a motor vehicle to Maldives Ltd for $25 000. The carrying amount of the vehicle at the date of sale was $23 000. Vehicles are depreciated at 30% p.a. on a straight‐line basis. • During the year ended 30 June 2020, Maldives Ltd sold inventories valued at $20 000 to Laos Ltd, this having cost Maldives Ltd $15 000. Half of the inventories are still on hand at 30 June 2020. The tax rate is 30%. Required Prepare the consolidation worksheet journal entries for the year ended 30 June 2020.