Auriga Ltd acquired all the shares of Perseus Ltd on 1 Jan 2013 when its equity consisted of:

Share capital	$100 000
Retained earnings	35 000

At 1 Jan 2013, all the identifiable assets and liabilities of Perseus Ltd were recorded as fair value except for:

	Carrying amount	Fair Value
Inventory	$ 18 000	$ 22 000
Land	120 000	130 000
Plant (cost $120 000)	95 000	98 000

The inventory was all sold by 31 Dec 2013. The plant had a further 5-year life but was sold on 1 July 2015 for $50 000. The land was sold in March 2013 for $150000.

At 1 Jan 2013, Perseus Ltd had guaranteed a loan taken out by Swede Ltd. Persues Ltd had not recognised a liability in relation to the guarantee. However as Swede Ltd was not performing well, Auriga Ltd valued a guarantee liability at $5000. In June 2015, Swede Ltd repaid the loan. Perseus Ltd had also invented a special tool and patented the process. No asset was recorded by Perseus Ltd, but Auriga Ltd valued the patent at $6000, with an expected useful life of 6 years. Tax rate is 30%.

Financial information for the companies for the year ended 31 Dec 2015 is as follows:

	Auriga Ltd		Perseus Ltd
Profit before tax	$ 50 000		$ 15 000
Income tax expense	(20 000)		(6 000)
Profit for the year	30 000		9 000
Other comprehensive income:
Gains on plant revaluation	6 000		0
Loss on FA fair value change	(4 000)		(10 000)
Total comprehensive income for the year	$ 32 000		$ (1 000)
Profit	$ 30 000		$ 9 000
Retained earnings (1/1/15)	37 000		45 000
	67 000		54 000
Dividend	(20 000)		-
Retained earnings (31/12/15)	47 000		54 000
Share capital	150 000		100 000
General reserve	12 000		-
Asset revaluation reserve (1/1/15)	14 000		-
Gains on plant revaluation	6,000		-
Asset revaluation reserve (31/12/15)	20 000		-
FA fair value change reserve (1/1/15)	14 000		14 000
Losses on FA fair value change	(4 000)		(10,000)
FA fair value change reserve (31/12/15)	10 000		4 000
Total equity	239 000		158 000

Payables	19 000		8 000
Loan	25 000		-
Total Liabilities	44 000		8 000
Total equity and liabilities
$ 283 000	$ 166 000

Cash Financial assets	5 000 10 000		14 000 5 000
Inventory	30 000		21 000
Plant and equipment	140 000		163 000
Accumulated depreciation	(62 000)		(37 000)
Shares in Perseus Ltd	160 000		-
Total assets	$ 283 000		$ 166 000

Required

Prepare the consolidated financial statements for Auriga Ltd as at 31 Dec 2015. Include consolidation adjustment journal entries and a consolidation worksheet.