Undervalued assets, full goodwill method   LO3, 4, 5, 6 On 1 July 2016, Liam Ltd acquired 60% of the issued shares of Charlie Ltd for $111 700 when the equity of Charlie Ltd consisted of: Share capital $120 000 General reserve 10 000 Retained earnings 30 000 At this date, the identifiable assets and liabilities of Charlie Ltd were recorded at fair value except for the following assets. Carrying amount Fair value Inventories $45 000 $50 000 Equipment (cost $80 000) 65 000 75 000 Land 80 000 90 000 Half of the inventories on hand at acquisition date were sold by 30 June 2017, with the remainder being sold during the year ended 30 June 2018. The equipment had a further 5‐year life beyond 1 July 2016, with benefits to be received evenly over this period. The equipment was sold on 1 January 2018 for $70 000. Adjustments for the differences between carrying amounts and fair values are to be made in the consolidation worksheet. At 30 June 2019, the goodwill recorded on acquisition was written down by $3000 as the result of an impairment test. The tax rate is 30%. Liam Ltd uses the full goodwill method. The fair value of the non‐controlling interest at 1 July 2016 was $74 100. During the 3 years since acquisition, Charlie Ltd has recorded the following annual results. Year ended Profit 30 June 2017 $15 000 30 June 2018 27 000 30 June 2019 12 000 There have been no transfers to or from the general reserve or any dividend paid or declared by Charlie Ltd since the acquisition date. Required 1. Prepare the consolidation worksheet entries as at 1 July 2016. 2. Prepare the consolidation worksheet entries for the year ended 30 June 2017. 3. Prepare the consolidation worksheet entries for the year ended 30 June 2018. 4. Prepare the consolidation worksheet entries for the year ended 30 June 2019.