Previously recorded goodwill, pre‐acquisition reserves transfers  On 1 July 2018, Adam Ltd acquired all the issued shares (ex div.) of Luke Ltd. At this date the financial statements of Luke Ltd showed the following balances in its accounts. Share capital $150 000 General reserve 40 000 Retained earnings 80 000 Dividend payable 20 000 Goodwill 10 000 At 1 July 2018, all the identifiable assets and liabilities of Luke Ltd were recorded at amounts equal to their fair values. The financial statements of Adam Ltd and Luke Ltd at 30 June 2019 contained the following information. Adam Ltd Luke Ltd Profit for the period $ 35 000 $ 25 000 Retained earnings (1/7/18) 90 000 80 000 Transfer from general reserve 0 10 000 Retained earnings (30/6/19) 125 000 115 000 Share capital 700 000 150 000 General reserve 92 000 30 000 Total equity $ 917 000 $ 295 000 Provisions 30 000 20 000 Payables 15 000 25 000 Long‐term loans 50 000 110 000 Total liabilities $ 95 000 $ 155 000 Total equity and liabilities $1 012 000 $ 450 000 Plant 600 000 820 000 Accumulated depreciation — plant (295 000) (650 000) Fixtures 300 000 120 000 Accumulated depreciation — fixtures (180 000) (80 000) Land 200 000 140 000 Brands 50 000 30 000 Shares in Luke Ltd 272 000 0 Goodwill 0 10 000 Inventories 45 000 40 000 Cash 5 000 7 000 Receivables 15 000 13 000 Total assets $1 012 000 $ 450 000 Required 1. Prepare the acquisition analysis at 1 July 2018. 2. Prepare the consolidation worksheet entries for Adam Ltd’s group at 30 June 2019. 3. Prepare the consolidated financial statements for Adam Ltd’s group at 30 June 2019.