As at $30$ June $2024,$ the following relates to Infinity Ltd:

The tax rate is $30\%.$

Required:

Prepare an acquisition analysis, and all necessary entries required to account for Infinity Ltd in accordance with AASB $128$ in Aurora Ltd Group for the

year ended $30$ June $2024.$ Show all workings to support your answers.Aurora Ltd is a parent and prepares consolidated financial statements. On $1$ July $2023,$ Aurora Ltd acquired $35\%$ of ordinary shares issued in Infinity

Ltd for $$278,000.$ The equity of Infinity Ltd at that date was as follows.

Ordinary share capital

Retained earnings

On the date of acquisition, all assets of Infinity Ltd were recorded at fair value except for a piece of land and a machine:

the land had a cost of $$100,000$ and it is valued at a fair value of $$125,000.$ Infinity Ltd adopts revaluation model for the land and has recorded an amount of

$$17,500($ $$25,000$ less $30\%$ tax$)$ in the revaluation surplus account on $30$ June $2024.$

the machine that had a fair value of $$10,000$ above its carrying amount and it was estimated to have a remaining useful life of $5$ years. Infinity Ltd applies

cost model for all machinery in accordance with AASB$116$;

On $1$ January $2024,$ Infinity Ltd sold a piece of equipment to Aurora Ltd for $$38,000.$ The equipment had originally cost Infinity Ltd $$45,000,$ and had a

carrying amount of $$28,000$ at $1$ January $2024.$ The equipment had a remaining useful life of $4$ years.

As at $30$ June $2024,$ the following relates to Infinity Ltd: