8.1 1. On 1 July 2012, Safe Ltd acquired 90% of the shares of Mission Ltd for $550,000. On 1 July 2012, the equity of Mission Ltd consisted of: Share capital General reserve Retained earnings $300,000 60,000 75,000 2. All the identifiable assets and liabilities of Mission Ltd were recorded at fair value on 1 July 2012 except for: Carrying amount Fair value Inventories $ 90,000 Plant and equipment (cost $300,000) $180,000 $ 105,000 $250,000 3. The above plant and equipment had a further 5-year life and was expected to be used evenly over that time, 4. During the year ended 30 June 2013, all inventories on hand at 1 July 2012 were sold. 5. On 1 May 2014, Mission Ltd sold inventory costing $50,000 to Safe Ltd for $80,000. On 30 June 2014, only 70% of these goods had been sold by SafeLtd. 6. During the 2014-15 period, Mission Ltd sold inventory to Safe Ltd costing $130,000 for $160,000. At 30 June 2015, $20,000 worth of inventory is still held by Safe Ltd. 7. Mission Ltd paid dividends totaling $70,000 for the period ended 30 June2015. 8. Safe Ltd uses the partial goodwill method. 9. Corporate tax rate of 30% applies, where applicable. Financial information for the year ended 30 June 2015 includes the following: Sales revenue Dividend revenue Other revenue I Safe Ltd Mission Ltd. $360,000 190,000 63,000 40,000 20,000 Total revenue 463,000 210,000 Cost of sales 220,000 60,000 Other expenses Selling and administrative (including depreciation) 30,000 10,000 Financial 40,000 20,000 Total expenses 290,000 90,000 Profit before tax 173,000 120,000 Income tax expense 40,000 30,000 Profit after tax 133,000 90,000 Retained earnings 1/7/14 60,000 100,000 193,000 190,000 Dividends paid (80,000) (70,000) Retained earnings 30/6/15 113,000 120,000 Required: For the year ended 30 June 2015, complete the Consolidation Worksheet Journal entries below to record. the above transactions. When recording the Consolidation worksheet journal entries Non-controlling interest (NCI) NEEDS TO BE INCLUDED WHERE APPROPRIATE