Anderson Ltd purchased all the shares of Bean Ltd on 1 January 2022, when Beans assets were recorded at fair value except for the following:

Inventory: Carrying amount $23000 Fair value $21000 Equipment: Carrying amount $50 000 Fair value $75 000

Additional information for the above assets:

Bean uses the AASB 116 cost model to measure equipment. However, for group/consolidation purposes, revaluation to fair value is the model applied. Beans inventory held at the control date was still in stock as at 31 December 2022.

The equipment had a remaining useful life of 5 years at the control date. The residual value is nil. The equipment originally cost $70,000.

Required: Prepare journal entries for the required consolidation data adjustments on 31 December 2022, the year end. Reminder: No marks will be awarded for workings/calculations