Consolidation worksheet entries, non‐sequential acquisitions    LO3, 4 On 1 July 2019, Indonesia Ltd acquired 75% of the issued shares of India Ltd for $320 000. At this date the statement of financial position of India Ltd was as follows. Current assets $ 20 000 Non‐current assets 500 000 520 000 Liabilities (120 000) Net assets $ 400 000 Share capital $ 100 000 General reserve 100 000 Retained earnings 200 000 Total equity $ 400 000 All the identifiable assets and liabilities of India Ltd were recorded at fair value except for some land for which the fair value was $10 000 greater than the carrying amount and some depreciable assets with a further 5‐year useful life for which the fair value was $12 000 greater than the carrying amount. The tax rate is 30%. On 1 July 2021, Palau Ltd acquired 60% of the issued shares of Indonesia Ltd for $350 000. At this date, the statement of financial position of Indonesia Ltd was as follows. Current assets $ 120 000 Non‐current assets Investment in India Ltd $320 000 Other 280 000 600 000 720 000 Liabilities (220 000) Net assets $ 500 000 Share capital $ 200 000 Retained earnings 300 000 $ 500 000 All the identifiable assets and liabilities of Indonesia Ltd were recorded at fair value except for the investment in India Ltd which had a fair value of $400 000. The statement of financial position of India Ltd at 1 July 2021 was as follows. Current assets $ 30 000 Non‐current assets 600 000 630 000 Liabilities (130 000) $ 500 000 Share capital $ 100 000 General reserve 120 000 Retained earnings 280 000 $ 500 000 All the identifiable assets and liabilities of India Ltd at this date were recorded at fair value except for the land held at 1 July 2019 which, at 1 July 2021, had a fair value of $20 000 greater than carrying amount, and the depreciable assets which have a further 3‐year useful life have a fair value of $8000 greater than carrying amount. Financial information about Palau Ltd, Indonesia Ltd and India Ltd at 30 June 2022 is as follows. Palau Ltd Indonesia Ltd India Ltd Current assets $ 200 000 $150 000 $ 35 000 Non-current assets Investment in Indonesia Ltd 350 000 — — Investment in India Ltd — 320 000 — Land 100 000 50 000 40 000 Depreciable assets 500 000 400 000 620 000 Accumulated depreciation (80 000) (80 000) (40 000) Total assets 1 070 000 840 000 655 000 Total liabilities 250 000 260 000 120 000 Net assets $ 820 000 $580 000 $535 000 Share capital $ 300 000 $200 000 $100 000 General reserve 200 000 — 120 000 Retained earnings (1/7/21) 150 000 300 000 280 000 Profit for the period 170 000 80 000 35 000 Total equity $ 820 000 $580 000 $535 000 Required Prepare the worksheet entries for the consolidated financial statements of Palau Ltd’s group at 30 June 2022.