a). What are the key elements of control? (3 marks) b). Explain the purpose of the pre-acquisition entries in the preparation of consolidated financial statements. (3 marks) c). On 1 July 2020, Crenshaw Ltd acquired all of the share capital of Argus Ltd for $600 000. At this date Argus Ltd's equity comprised: Share Capital - 120 000 $4 Shares General Reserve Retained Earnings $480 000 60 000 24 000 All identifiable assets and liabilities of Argus Ltd were recorded at fair value except for the following assets: Inventory Plant (Cost $84 000) Carrying amount $36 000 65 000 Fair Value $37 500 68 000 All of the inventory was sold by 30 June 2021. 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: i). Prepare the consolidated worksheet entries at 30 June 2021 for the preparation of the consolidated financial statements of Crenshaw Ltd. (10 marks)