530 e Consolidation worksheet for financial year ended 30 June 2021 Chandler Joey Adjustments Consolidated Ltd Ltd Debit Ref Credit Entity $'000 $'000 $'000 $ '000 $'000 Sales revenue 4,620 2,840 530 f 6,930 Less cost of goods sold Opening inventories 680 630 i 30 1,280 Add purchases 3,600 2,120 f 5,190 Less closing inventories 710 440 20 1,130 Cost of goods sold 3,570 2,310 ? Gross profit 1,050 530 ? Dividend revenue 88 0 88 j Management fee revenue 35 0 35 d Interest revenue 0 9 9 e Depreciation expense 160 125 | 10 275 Finance costs 181 35 9 207 Other expenses 204 49 35 c/d 35 253 Profit before tax 628 330 ? Tax expense 201 97 12 i/g/1 6 304 Profit after tax for the year 427 233 ? Retained earnings 1 July 2020 705 429 337 b/i/1 38 835 Dividends paid (57) (32) 32 (57) Dividends declared (121) (56) j 56 (121) Retained earnings 30 June 954 574 1,208 2021 Issued capital 800 350 350 b 800 Revaluation surplus 210 0 210 Fair value adjustment 56 b/a 56 Shareholders' equity 1,964 924 ? Assets Cash 78 117 195 Accounts receivable 72 35 h 25 82 Dividends receivable 56 0 k 56 Inventories 710 440 8 20 1,130 Investment in Joey Ltd 750 0 b 750 Loan to Chandler Ltd 0 150 150 Land 720 250 80 1,050 Buildings 1,500 780 2,280 Accumulated depreciation (320) (494) (814) Plant and equipment 850 450 25 1 1,325 Accumulated depreciation (235) (210) 30 85 (500) Goodwill (net) 94 b/c 35 59 Deferred tax asset 24 9 15 Total assets 4,181 1,518 4,822 Less liabilities Current taxes payable 111 87 198 Accounts payable 292 50 25 h 317 Dividend payable 121 56 56 k 121 Loan from Joey Ltd 150 0 150 Mortgage loan 1,253 401 1,654 Deferred tax liabilities 290 0 24 314 Net assets 1,964 924 1,956.00 1,956.00 ? How much consolidated Net Assets has the group reported for the year ended 30 June 2021? e a e a O a. $2,351,000 O b. $2,218,000 O c. $5,567,000 O d. $4,822,000