Assignment Problem:

On 1 July 2022 the equity of Steve Ltd consisted of share capital of $105 000 and retained earnings of $65 7500. At that date Steve Ltd had dividend payable 15, 000 and goodwill of $10 000 recorded prior to the acquisition. All the identifiable assets and liabilities of Steve Ltd were recorded at amounts equal to fair value except for:

	Carrying amount	Fair Value
Brand	$75 000	$85 000
Plant (cost $90,000)	50 000	59 000
Inventories	25 600	30 000

Chris Ltd acquired all the issued shares of Steve Ltd (cum div) for $185 000 on 1 July 2022. The Brand was considered to have an indefinite life. It was estimated that the plant had a further life of 7 years and was depreciated on a straight-line basis. All the inventories were sold by 30 June 2022.

In May 2023, Steve Ltd transferred $23 500 from the retained earnings on hand at 1 July 2022 to a general reserve. In June 2023, Steve Ltd conducted an impairment test on the Band and on the goodwill acquired. As a result, the goodwill was considered to be impaired by $750 and brand by $6 500.

The tax rate is 30%.

Required

1. Prepare the acquisition analysis at 1 July 2022.

1. Prepare the consolidation worksheet entries for Chris Ltd's group at 1 July 2022.

1. Prepare the consolidation worksheet entries for Chris Ltd's group at 30 June 2023.