Apex Ltd acquires all the issued capital of Mapex Ltd on 1 July 2022. Both companies are in Australia. On this date, the following balances are recorded in the extract of statement of financial position of Mapex Ltd: Share Capital $900,000 General reserve $240,000 Retained earnings $480,000 On 1 July 2022, all the identifiable assets and liabilities of Mapex Ltd show the fair value. Mapex Ltd declares $30,000 of dividends from the post-acquisition profits. The financial statements of Apex Ltd and Mapex Ltd as of 30 June 2023 are as follows: Apex Ltd Mapex Ltd Retained earnings (1 July 2022) $540,000 $480,000 Profit for the period $210,000 $150,000 Less divided proposed ($120,000) ($30,000) Retained earnings (30 June 2023) $630,000 $600,000 Share capital $4,200,000 $900,000 General reserve $552,000 $240,000 Total Equity $5,382,000 $1,740,000 Provisions $180,000 $120,000 Payables $90,000 $150,000 Dividend payable $120,000 $30,000 Long-term debt $300,000 $660,000 Total liabilities $690,000 $960,000 Total equities and liabilities $6,072,000 $2,700,000 Property, plant and equipment $3,600,000 $4,920,000 Accumulated depreciation Property, plant and equipment ($1,770,000) ($3,900,000) Vehicles $1,800,000 $720,000 Accumulated depreciation - vehicles ($1,080,000) ($480,000) Land $1,200,000 $840,000 Brands $300,000 $210,000 Investment in Mapex Ltd $1,632,000 - Cash at bank $30,000 $72,000 A/Receivables $60,000 $78,000 Dividend receivable $30,000 - Inventories $270,000 $240,000 Total assets $6,072,000 $2,700,000 4 Additional information: During the financial year end 30th June 2023, Apex Ltd sold an equipment to Mapex Ltd on 1st October 2022 for $165,000. This asset costs Apex Ltd 275,000 and has accumulated depreciation of $145,000. The asset has a remaining useful life of 5 years. The corporate tax rate in Australia is 30%Prepare the consolidation journal entries for Apex Ltd.s group as of 30 June 2023Prepare consolidation worksheet for Apex and its control entityPrepare consolidated financial statements using for Apexs group as of 30 June 2023.Apex Ltd acquires all the issued capital of Mapex Ltd on 1 July 2022. Both companies are in Australia. On this date, the following balances are recorded in the extract of statement of financial position of Mapex Ltd: Share Capital $900,000 General reserve $240,000 Retained earnings $480,000 On 1 July 2022, all the identifiable assets and liabilities of Mapex Ltd show the fair value. Mapex Ltd declares $30,000 of dividends from the post-acquisition profits. The financial statements of Apex Ltd and Mapex Ltd as of 30 June 2023 are as follows: Apex Ltd Mapex Ltd Retained earnings (1 July 2022) $540,000 $480,000 Profit for the period $210,000 $150,000 Less divided proposed ($120,000) ($30,000) Retained earnings (30 June 2023) $630,000 $600,000 Share capital $4,200,000 $900,000 General reserve $552,000 $240,000 Total Equity $5,382,000 $1,740,000 Provisions $180,000 $120,000 Payables $90,000 $150,000 Dividend payable $120,000 $30,000 Long-term debt $300,000 $660,000 Total liabilities $690,000 $960,000 Total equities and liabilities $6,072,000 $2,700,000 Property, plant and equipment $3,600,000 $4,920,000 Accumulated depreciation Property, plant and equipment ($1,770,000) ($3,900,000) Vehicles $1,800,000 $720,000 Accumulated depreciation - vehicles ($1,080,000) ($480,000) Land $1,200,000 $840,000 Brands $300,000 $210,000 Investment in Mapex Ltd $1,632,000 - Cash at bank $30,000 $72,000 A/Receivables $60,000 $78,000 Dividend receivable $30,000 - Inventories $270,000 $240,000 Total assets $6,072,000 $2,700,000 4 Additional information: During the financial year end 30th June 2023, Apex Ltd sold an equipment to Mapex Ltd on 1st October 2022 for $165,000. This asset costs Apex Ltd 275,000 and has accumulated depreciation of $145,000. The asset has a remaining useful life of 5 years. The corporate tax rate in Australia is 30%Prepare the consolidation journal entries for Apex Ltd.s group as of 30 June 2023Prepare consolidation worksheet for Apex and its control entityPrepare consolidated financial statements using for Apexs group as of 30 June 2023.Apex Ltd acquires all the issued capital of Mapex Ltd on 1 July 2022. Both companies are in Australia. On this date, the following balances are recorded in the extract of statement of financial position of Mapex Ltd: Share Capital $900,000 General reserve $240,000 Retained earnings $480,000 On 1 July 2022, all the identifiable assets and liabilities of Mapex Ltd show the fair value. Mapex Ltd declares $30,000 of dividends from the post-acquisition profits. The financial statements of Apex Ltd and Mapex Ltd as of 30 June 2023 are as follows: Apex Ltd Mapex Ltd Retained earnings (1 July 2022) $540,000 $480,000 Profit for the period $210,000 $150,000 Less divided proposed ($120,000) ($30,000) Retained earnings (30 June 2023) $630,000 $600,000 Share capital $4,200,000 $900,000 General reserve $552,000 $240,000 Total Equity $5,382,000 $1,740,000 Provisions $180,000 $120,000 Payables $90,000 $150,000 Dividend payable $120,000 $30,000 Long-term debt $300,000 $660,000 Total liabilities $690,000 $960,000 Total equities and liabilities $6,072,000 $2,700,000 Property, plant and equipment $3,600,000 $4,920,000 Accumulated depreciation Property, plant and equipment ($1,770,000) ($3,900,000) Vehicles $1,800,000 $720,000 Accumulated depreciation - vehicles ($1,080,000) ($480,000) Land $1,200,000 $840,000 Brands $300,000 $210,000 Investment in Mapex Ltd $1,632,000 - Cash at bank $30,000 $72,000 A/Receivables $60,000 $78,000 Dividend receivable $30,000 - Inventories $270,000 $240,000 Total assets $6,072,000 $2,700,000 4 Additional information: During the financial year end 30th June 2023, Apex Ltd sold an equipment to Mapex Ltd on 1st October 2022 for $165,000. This asset costs Apex Ltd 275,000 and has accumulated depreciation of $145,000. The asset has a remaining useful life of 5 years. The corporate tax rate in Australia is 30%Prepare the consolidation journal entries for Apex Ltd.s group as of 30 June 2023Prepare consolidation worksheet for Apex and its control entityPrepare consolidated financial statements using for Apexs group as of 30 June 2023.