a). Identify the key elements of control in terms of consolidation. (2 marks) b). Explain the purpose of the pre-acquisition entries in the preparation of consolidated financial statements. (2 marks) c). On 1 July 2021, Whitehaven Coal Ltd acquired all of the share capital of Beach Energy Ltd for $600,000. At this date Beach Energy Ltd's equity comprised: Share Capital 120,000 $4 Shares $480,000 General Reserve 60,000 Retained Earnings 24,000 All identifiable assets and liabilities of Beach Energy Ltd were recorded at fair value except for the following assets: Carrying amount Fair Value Inventory $36,000 $37,500 Plant (Cost $84 000) 65,000 68,000 All of the inventory was sold by 30 June 2022. The plant is expected to have a further 5 year life and depreciation is calculated on a straight line basis. When revalued assets are sold or fully consumed, any related revaluation surplus is transferred to retained earnings. The tax rate is 30%. Required: Prepare the consolidated worksheet entries at 30 June 2022 for the preparation of the consolidated financial statements of Whitehaven Coal Ltd. (8 marks) a). Identify the key elements of control in terms of consolidation. (2 marks) b). Explain the purpose of the pre-acquisition entries in the preparation of consolidated financial statements. (2 marks) c). On 1 July 2021, Whitehaven Coal Ltd acquired all of the share capital of Beach Energy Ltd for $600,000. At this date Beach Energy Ltd's equity comprised: Share Capital 120,000 $4 Shares $480,000 General Reserve 60,000 Retained Earnings 24,000 All identifiable assets and liabilities of Beach Energy Ltd were recorded at fair value except for the following assets: Carrying amount Fair Value Inventory $36,000 $37,500 Plant (Cost $84 000) 65,000 68,000 All of the inventory was sold by 30 June 2022. The plant is expected to have a further 5 year life and depreciation is calculated on a straight line basis. When revalued assets are sold or fully consumed, any related revaluation surplus is transferred to retained earnings. The tax rate is 30%. Required: Prepare the consolidated worksheet entries at 30 June 2022 for the preparation of the consolidated financial statements of Whitehaven Coal Ltd. (8 marks)