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2. Worksheet entries at 30 June 2016 Business combination valuation entries 20 000 Accumulated depreciation Plant Deferred tax liability Business combination valuation reserve Dr Cr Cr Cr 18 000 600 1 400 500 Depreciation expense Accumulated depreciation (1/2 x $ 1 000 p.a.) Dr Cr 500 150 Deferred tax liability Income tax expense (30% x $500) Dr Cr 150 Dr Cost of sales 3 600 Income tax expense Cr 1 080 Transfer from business combination valuation reserve Cr 2 520 This entry relates to the 90% of the inventory that has been sold by 30 June 2016. Inventory Dr 400 Deferred tax liability Cr Business combination valuation reserve Cr This entry relates to the 10% of the inventory still on hand at 30 June 2016. 120 280 300 Goodwill Business combination valuation reserve Dr Cr 300 Pre-acquisition entries Retained earnings (1/1/16) Share capital Reserves Business combination valuation reserve Shares in Colin Ltd Dr Dr Dr Dr Cr 5 000 50 000 12 500 4 500 72 000 2 520 Transfer from business combination valn reserve Dr Business combination valuation reserve Cr 2 520 2. Worksheet entries at 30 June 2016 Business combination valuation entries 20 000 Accumulated depreciation Plant Deferred tax liability Business combination valuation reserve Dr Cr Cr Cr 18 000 600 1 400 500 Depreciation expense Accumulated depreciation (1/2 x $ 1 000 p.a.) Dr Cr 500 150 Deferred tax liability Income tax expense (30% x $500) Dr Cr 150 Dr Cost of sales 3 600 Income tax expense Cr 1 080 Transfer from business combination valuation reserve Cr 2 520 This entry relates to the 90% of the inventory that has been sold by 30 June 2016. Inventory Dr 400 Deferred tax liability Cr Business combination valuation reserve Cr This entry relates to the 10% of the inventory still on hand at 30 June 2016. 120 280 300 Goodwill Business combination valuation reserve Dr Cr 300 Pre-acquisition entries Retained earnings (1/1/16) Share capital Reserves Business combination valuation reserve Shares in Colin Ltd Dr Dr Dr Dr Cr 5 000 50 000 12 500 4 500 72 000 2 520 Transfer from business combination valn reserve Dr Business combination valuation reserve Cr 2 520