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Question 1 (C) (13 marks) Consolidation worksheet answer: Financial statements Vohn Ltd Wayne Ltd Group Adjustments Debit Credit Share capital 200,000 170,000 Retained earnings General Reserve 50,000 0 30,500 4,800 BCVR 0 0 Total Equity 250,000 205,300 Current Assets 30,000 Inventory Other assets 5,000 41,300 0 45000 Non-current Assets Plant (at cost) Accumulated depreciation Goodwill Investment in Wayne Ltd Total Assets -25,000 0 400,000 -200,000 5,000 250,000 300,000 251,300 Current Liabilities 0 Deferred Tax liability Debentures 50,000 0 250,000 46,000 205,300 Net Assets Part A Question 1 (40 marks) On 1 July 2019, John Ltd acquired all the issued shares of Wayne Ltd for $250,000. At this date, the financial statements of Wayne Ltd showed the following: Share capital Retained earnings General Reserve Total equity $ 170,000 30,500 4,800 205,300 At acquisition date, all the net identifiable assets and liabilities in Wayne Ltd were recorded at amounts equal to their fair value except for: Asset Inventories Plant (cost $400,000) Carrying amount ($) 5,000 200,000 Fair Value ($) 8,000 210,000 The records also showed that the company had recorded existing goodwill of $5,000. The Plant was calculated to have a further life of 5 years, and was depreciated on a straight- line basis. All inventory was sold by 30 June 2020. Assume 30% tax rate Required: (a) Prepare the acquisition analysis at 1 July 2019. (6 marks) (b) Prepare the consolidation entries at acquisition date, 1 July 2019. Include narrations for each entry. (15 marks) (c) Prepare the consolidation worksheet as at 1 July 2019. (13 marks) (d) Prepare a Balance sheet for the reporting Group, Wayne Ltd as at 1 July 2019 in narrative format. (6 marks)