Undervalued assets, pre‐acquisition reserves transfers  LO3, 4, 5 Barry Ltd acquired all the issued shares of Colin Ltd on 1 January 2019 for $72 000. At this date the equity of Colin Ltd consisted of the following. Share capital $50 000 General reserve 12 500 Retained earnings 5 000 All the identifiable assets and liabilities of Colin Ltd were recorded at amounts equal to their fair values except for the following. Carrying amount Fair value Inventories $12 000 $16 000 Plant (cost $70 000) 50 000 52 000 Of the inventories on hand at 1 January 2019, 90% was sold by 30 June 2019. The remainder was sold by 30 June 2020. The plant was considered to have a further 2‐year useful life with benefits to be received equally in each of those years. The tax rate is 30%. Required 1. Prepare the acquisition analysis at 1 January 2019. 2. Prepare the consolidation worksheet entries for Barry Ltd’s group at 30 June 2019. 3. Prepare the consolidation worksheet entries for Barry Ltd’s group at 30 June 2020. 4. Prepare the consolidation worksheet entries for Barry Ltd’s group at 30 June 2021.