Undervalued assets, full and partial goodwill method, intragroup transactions   LO3, 4, 5, 6 On 1 July 2015, Fin Ltd acquired 75% of the issued shares (cum div.) of Whale Ltd for $67 500. At this date the equity of Whale Ltd consisted of: Share capital $30 000 General reserve 3 000 Retained earnings 15 000 At the date of the business combination, all the identifiable assets and liabilities of Whale Ltd had carrying amounts equal to their fair values except for the following. Carrying amount Fair value Plant (cost $60 000) $40 000 $55 000 Inventories 25 000 31 000 Receivables 33 000 30 000 The plant had a further useful life of 5 years. It was sold by Whale Ltd to external entities on 1 April 2020 for $3000. By 30 June 2016, all the inventories were sold to entities outside the group. Also, by 30 June 2016, receivables of $33 000 had been collected. One of the liabilities of Whale Ltd at 1 July 2015 was dividend payable of $10 000. The tax rate is 30%. Fin Ltd uses the partial goodwill method. Additional information • At 30 June 2019, inventories of Fin Ltd included assets sold to it by Whale Ltd for a before‐tax profit of $300. These items were sold to external entities during the year ended 30 June 2020. • During the year ended 30 June 2020, Whale Ltd had sold inventories to Fin Ltd for $60 000. The mark‐up on sales was 25% on cost. At 30 June 2020, Fin Ltd still had some of these inventories on hand that were acquired from Whale Ltd for $3000. • On 1 January 2020, Whale Ltd sold a plant to Fin Ltd for a before‐tax profit of $1200. This plant was carried at $3000 (original cost $20 000) in the records of Whale Ltd at the time of sale. Depreciation on this type of plant is calculated using a 20% p.a. straight‐line method. • Financial information provided by Whale Ltd concerning events affecting it during the year ended 30 June 2020 was as follows. Profit for the year $ 23 400 Retained earnings at 1 July 2019 30 000 $ 53 400 Dividend paid (12 000) Dividend declared (6 000) Transfer to general reserve (1 500) (19 500) Retained earnings at 30 June 2020 $ 33 900 The transfer to general reserve is from post-acquisition retained earnings. Whale Ltd also reported a comprehensive income for the year ended 30 June 2020 of $24 150, which included gains on revaluation of land of $750, as the asset revaluation surplus in relation to the land had increased from $3000 to $3750 over the year. Required 1. Prepare the consolidation worksheet entries for the preparation of the consolidated financial statements of Fin Ltd at 30 June 2020. 2. Prepare the consolidation worksheet entries at 30 June 2020 if Fin Ltd had used the full goodwill method and the fair value of the non‐controlling interest at 1 July 2015 was $19 500