At 1 July 2016 Digital ltd acquired 70% of the share capital of Hunt Ltd for $700,000. At this date the financial statements of Hunt ltd included:

Retained Earnings $300,000

Share Capital $400,000

General Reserve $50,000

At 1 July 2016 all identifiable net assets of Hunt Ltd recoded at fair value:

carrying amount fair value

inventory 100,000 120,000

machinery 300,000 350,000

i) Adjustments for difference between the Carrying Amount and fair value of asset acquisition are made on consolidation at 30 June 2017

ii) all inventory is sold at 1 July 2016

iii) Value of inventory of Digital Ltd 1 July 2018 included intragroup profit of 60,000 as a result of purchase of Hunt Ltd

iv) Tax rate 30%

v) Balance of general reserve for Hunt ltd 1 july 2018 was 80,000

Partial Goodwill Method

	Digital ltd	Hunt Ltd
Profit for period	90,000	100,000
Retained Earnings	225,000	550,000
Total	215,000	650,000
Interim dividend Paid	(450,000)	-
Dividend Declared	(30,000)	-
	(75,000)	-
Retained Earnings 30/6/18	240,000	650,000
Share Capital	900,000	400,000
General Reserve	225,000	400,000

a) prepare consolidated worksheet general journals

b) Prepare acquisition analysis

c) Prepare Business Combination Valuation Entry

c) Prepare NCI and Intragroup Transactions

Please show all workings