a) Record the consolidated journal entries necessary to prepare consolidated accounts for the year ending 30 June 2021 for the group comprising Parent Ltd and Subsidiary Ltd

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On 1/07/2018 Big Ltd acquired: 100% of the issued shares of Small Ltd for: $5,084,000 At the date of acquisition, the Owners' Equity of Small Ltd consisted of: Share capital Plant replacement reserve Retained earnings $2,287,800 $572,000 $428,940 $3,288,740 As at 30/06/2021 The accounts of the two companies appear as follows: Big Ltd Small Ltd $ $ Sales 8,134,500 4,098,600 less Cost of Goods Sold 4,880,700 2,664,000 Depreciation expense 406,700 204,900 Interest expense 325,300 91,440 Other expenses 779,600 162,460 Other Income plus Interest revenue 137,100 0 Dividend revenue 444,800 0 less Income tax expense 697,200 292,700 Net Profit after Tax 1,626,900 683,100 Retained earnings (01/07/2020) 2,440,300 714,900 Available for appropriation 4,067,200 1,398,000 Interim dividend paid 381,300 190,600 Final dividend declared 635,500 3,050,400 254,200 953,200 Retained earnings (30/06/2021) Share Capital 6,609,200 2,287,800 Plant replacement reserve 508,400 572,000 3,813,000 Total Owner's Equity 10,168,000 0 762,000 Loan payable (due 30/06/2023) Dividend payable 635,500 254,200 Deferred Tax Liability 762,600 63,500 Other liabilities 1,143,900 191,300 1,271,000 Total Liabilities 2,542,000 Total Liabilities & Owner's Equity 12,710,000 5,084,000 Assets Dividend receivable 254,200 0 Inventory 1,779,400 305,000 Property, Plant & Equipment 3,431,700 2,033,600 Accumulated depreciation -1,372,700 -406,800 Land 2,160,700 2,033,600 Investment in Small Ltd 5,084,000 0 Loan receivable 762,000 0 Other assets 610,700 1,118,600 Total Assets 12,710,000 5,084,000 Additional information: a) At date of acquisition, all identifiable net assets of Small Ltd were recorded at fair value, with the exception of a block of land in the books of Small Ltd. The block of land had a carrying value of: $2,033,600 and a fair value of: $2,840,000 b) The directors apply the impairment test for goodwill annually. As at 30/06/2021 The cumulative goodwill impairment write-downs for prior years totalled: $984,000 On 1/07/2019 c) An equipment owned by Small Ltd was sold to Big Ltd. Cost of the equipment was: $910,000 Accumulated depreciation of the equipment was: $325,000 The asset was sold for: $813,000 5 years Big Ltd estimated this item had a remaining useful life of: and residual value of: $0 d) The opening inventory of Big Ltd includes unrealised profit of: $533,000 on inventory transferred from Small Ltd during the prior financial year. All of this inventory was sold by Big Ltd to parties external to the Group. 30/06/2021 $2,313,000 e) During the current year, Big Ltd purchased inventory from Small Ltd for: This inventory had previously cost Small Ltd: Percentage of this inventory sold to outsiders by Big Ltd during the year was: $925,000 50% $762,000 f) Small Ltd borrowed a loan from Big Ltd amounting to: Small Ltd paid the annual interest for the intra group loan at a rate of: On 30/06/2021 12% g) During the current year, Big Ltd paid Arina Ltd, an external party for management fees expense amouning to: $2,000 h) The following are dividends paid and declared by Small Ltd to Big Ltd: Interim dividend paid 190,600 Final dividend declared 254,200 i) The tax rate is: 30% On 1/07/2018 Big Ltd acquired: 100% of the issued shares of Small Ltd for: $5,084,000 At the date of acquisition, the Owners' Equity of Small Ltd consisted of: Share capital Plant replacement reserve Retained earnings $2,287,800 $572,000 $428,940 $3,288,740 As at 30/06/2021 The accounts of the two companies appear as follows: Big Ltd Small Ltd $ $ Sales 8,134,500 4,098,600 less Cost of Goods Sold 4,880,700 2,664,000 Depreciation expense 406,700 204,900 Interest expense 325,300 91,440 Other expenses 779,600 162,460 Other Income plus Interest revenue 137,100 0 Dividend revenue 444,800 0 less Income tax expense 697,200 292,700 Net Profit after Tax 1,626,900 683,100 Retained earnings (01/07/2020) 2,440,300 714,900 Available for appropriation 4,067,200 1,398,000 Interim dividend paid 381,300 190,600 Final dividend declared 635,500 3,050,400 254,200 953,200 Retained earnings (30/06/2021) Share Capital 6,609,200 2,287,800 Plant replacement reserve 508,400 572,000 3,813,000 Total Owner's Equity 10,168,000 0 762,000 Loan payable (due 30/06/2023) Dividend payable 635,500 254,200 Deferred Tax Liability 762,600 63,500 Other liabilities 1,143,900 191,300 1,271,000 Total Liabilities 2,542,000 Total Liabilities & Owner's Equity 12,710,000 5,084,000 Assets Dividend receivable 254,200 0 Inventory 1,779,400 305,000 Property, Plant & Equipment 3,431,700 2,033,600 Accumulated depreciation -1,372,700 -406,800 Land 2,160,700 2,033,600 Investment in Small Ltd 5,084,000 0 Loan receivable 762,000 0 Other assets 610,700 1,118,600 Total Assets 12,710,000 5,084,000 Additional information: a) At date of acquisition, all identifiable net assets of Small Ltd were recorded at fair value, with the exception of a block of land in the books of Small Ltd. The block of land had a carrying value of: $2,033,600 and a fair value of: $2,840,000 b) The directors apply the impairment test for goodwill annually. As at 30/06/2021 The cumulative goodwill impairment write-downs for prior years totalled: $984,000 On 1/07/2019 c) An equipment owned by Small Ltd was sold to Big Ltd. Cost of the equipment was: $910,000 Accumulated depreciation of the equipment was: $325,000 The asset was sold for: $813,000 5 years Big Ltd estimated this item had a remaining useful life of: and residual value of: $0 d) The opening inventory of Big Ltd includes unrealised profit of: $533,000 on inventory transferred from Small Ltd during the prior financial year. All of this inventory was sold by Big Ltd to parties external to the Group. 30/06/2021 $2,313,000 e) During the current year, Big Ltd purchased inventory from Small Ltd for: This inventory had previously cost Small Ltd: Percentage of this inventory sold to outsiders by Big Ltd during the year was: $925,000 50% $762,000 f) Small Ltd borrowed a loan from Big Ltd amounting to: Small Ltd paid the annual interest for the intra group loan at a rate of: On 30/06/2021 12% g) During the current year, Big Ltd paid Arina Ltd, an external party for management fees expense amouning to: $2,000 h) The following are dividends paid and declared by Small Ltd to Big Ltd: Interim dividend paid 190,600 Final dividend declared 254,200 i) The tax rate is: 30%