As at 1 July 2021, Lakemba Ltd Acquired all the issued capital of fairlight Ltd for a cash payment of $55,800 when the equity of fairlight Ltd was

Share capital - $28,000

Retained earnings - $5,000

Revaluation surplus $2,000

At 1 July 2021, all assets of Fairlight Ltd were fairly valued, Directors determined that goodwoill would be impaired by 10% in 2022 and 2023. Assue that there are no intro-group transactions or deferred tax consequences from 1 July 2021 to 30 June 2023. The financial statements as at 30 June 2023 are shown on the answer sheet in the partially completed consolidation worksheet. Tax rate is 30%. Reporting date is 30 June.

i. Prepare an acquisition analysis and determine the amount of good will or gain on bargain purchase at acquisition (Show all owrkings)

ii. Prepare acquisition elimination journal entries for consolidation as at 30 June 2023. Number consolidation elimination/adjusting journal entries by 1,2,3 Ect, narrations are required.