Analyse the completed worksheet attached for the Galway Group. Using the information provided in the worksheet, prepare an evaluation report, detailing each omission and error. For each error:

1. List the accounts and amounts, which are incorrect for each consolidation adjustment.

2. Explain WHY the entry is incorrect. Include formulas where possible in your explanation.

3. Provide the correct entry that should have been in the worksheet and explain each account and amount for this entry.

4. Explain the overall effect each error or omission will have (in amount) on the Group financial statements if it is not corrected.

Ref Ref Galway Ltd ($) 180 000 (88 000) 92 000 24 000 Dublin Ltd ($) 131 000 (58 000) 73 000 Adjustments Dr ($) Cr ($) 25 000 22 000 2 Sales revenue Cost of sales Gross profit Dividend revenue 2 4 4 18 000 26 000 90 000 120 000 90 000 5 148 000 3 (12 000) (8 000) 1 000 3 1c 5 000 (40 000) 118 000 3 90 000 5 (32 000) 162 000 (48 600) (90 000) (15 000) 68 000 (20 400) 3 300 2 100 2 Service fee revenue Proceeds from sale of equipment Depreciation Impairment loss - Goodwill Carrying amount of equipment sold Service fee expense Other expenses Profit before tax Less: Income tax expense Profit for the year Retained earnings (1/7/19) Dividend paid Dividend declared Retained earnings (30/6/20) Share capital General reserve BCVR Shareholders' equity 113 400 72 000 47 600 80 000 1b 80 000 (18 000) 18 000 4 26 000 4 (26,000) 159 400 109 600 | 1b 165 000 30 000 95 000 25 000 1b 1b 95 000 25 000 45 000 45,000 la 354 400 229 600 3 000 9 000 37 000 24 600 26 000 50 000 4 Liabilities Accounts payable Other Payables Dividend payable Deferred Tax Liability Total liabilities Total liabilities & Equity 26 000 11 000 137 600 23 000 492 000 252 600 Assets Ref Dr ($) Cr ($) Ref Galway Ltd ($) 25 000 12 000 52 000 9 000 45 000 Dublin Ltd ($) 22 600 8 000 26 000 4 12 000 22 000 3 000 2 240 000 240 000 Lb 52 000 Cash Accounts receivable Dividend receivable Other receivables Inventories Investment in Dublin Ltd Land Equipment Acc'd depreciation Buildings Acc'd depreciation Goodwill Less: Acc'd imp't loss - Goodwill Deferred tax asset 2 000 3 3 1 000 60 000 (38000) 55 000 (20 000) 84 000 78 000 (26 000) 62 000 (15 000) 5 000 1a 45 000 5 000 1c 2 2 100 300 3 Total assets 492 000 252 600