Abby Ltd acquired 30% of the issued ordinary shares of Binny Ltd for $160,000 on 1 July 2018. The equity of Binny Ltd at that date was as follows. All assets were recorded at fair value. Ordinary shares $ 250,000 Retained earnings 175,000 At 30 June 2019, Abby Ltd had inventories costing $60,000 on hand which had been purchased from Binny Ltd. Binny Ltd had recognised a profit before tax of $25,000 on the sales. At 30 June 2019, Binny Ltd had inventories costing $20,000 on hand which had been purchased from Abby Ltd. Abby Ltd had recognised a profit before tax of $5,000 on the sales. For the year ended 30 June 2019, the income and changes in equity of Binny Ltd are as follows: Profit before income tax Income tax expense Profit after income tax Retained earnings at 1 July 2018 Dividends paid Dividends declared $ is 175,000 (55,000) 120,000 175,000 295,000 (30,000) (20,000) Retained earnings at 30 June 2019 245,000 Additional information: All dividends are paid/declared out of the current year profit. Abby Ltd recognises dividends as revenue when they are declared by the investee. The tax rate is 30%. Required: 1. Prepare an acquisition analysis in relation to the acquisition made by Abby Ltd. 2. Prepare the equity journal entries to account for Abby Ltd's investment in Binny Ltd for the year ended 30 June 2019, assuming that Abby Ltd prepares consolidated financial statements. Show all workings.