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2 10 points On 2 January 2021, Jay Ltd. acquired a 80 per cent interest in Siti Ltd at $500,000 cash consideration. At that date,

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2 10 points On 2 January 2021, Jay Ltd. acquired a 80 per cent interest in Siti Ltd at $500,000 cash consideration. At that date, the equity of Siti's statement of financial position revealed the following: Issued capital Retained Earnings $000 400 100 500 At the acquisition date, Siti revalued its non-current, non-depreciable assets to fair value by $100,000. On 31 December 2021, Siti declared a final dividend of $10,000 Assume a tax rate of 30 per cent. Required: a) Prepare the pre-acquisition elimination entry including the revaluation at consolidation level (8 marks) b) Prepare the consolidated entries on 31 December 2021. (2 marks)

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