CONSOLIDATED JOURNAL ENTRIES:
	Acqusition Information
	Ownership		100%
	Acquirer:		Chief Ltd
	Acquiree:		Sub Ltd
	Acqusition Date:		1/07/2018
	Consolidation Date:		30/06/2022
	Years since acqusition		4
	Tax Rate		30%
	Consolidation Date Information
	Share Capital of Sub Ltd on Date of Acquisition		$748,800
	Revaluation Reserve of Sub Ltd on Date of Acquisition		$0
	General Reserve of Sub Ltd on Date of Acquisition		$187,200
	Retained Earnings of Sub Ltd on Date of Acquisition		$140,400
	Dividend Declared by Sub Ltd		$83,200
	Dividend Paid by Sub Ltd		$62,400
	Total goodwill written off for prior years		$322,000
	1. Acqusition Analysis
			$

1) Acquisition analysis Based on the information in the "Background information" sheet, provide the required calculations at acquisition date.

Total Liabilities & Owner's Equity Assets Dividend receivable Inventory Non-current assets (depreciable) Accumulated depreciation Land Investment in Sub Ltd Debentures in Sub Ltd Other assets Total Assets Additional information: a) At date of acquisition, all identifiable net assets of Sub Ltd were recorded at fair value, with the exception of a block of land in the books of Sub Ltd. The block of land had a carrying value of: and a fair value of: b) The directors apply the impairment test for goodwill annually. As at 30/06/2022 The directors have determined the goodwill should be completely written off. The cumulative goodwill impairment write-downs for prior years totalled: On 1/07/2019 c) A non-current asset owned (Plant) by Chief Ltd was sold to Sub Ltd. Cost of the asset was: Accumulated depreciation of the asset was: The asset was sold for: Sub Ltd estimated this item had a remaining useful life of: and residual value of: d) The opening inventory of Chief Ltd includes unrealised profit of: on inventory transferred from Sub Ltd during the prior financial year. By 30/06/2022 all of this inventory was sold by Chief Ltd to parties external to the Group. e) During the current year, Chief Ltd purchased inventory from Sub Ltd for: This inventory had previously cost Sub Ltd: Percentage of this inventory sold to outsiders by Chief Ltd during the year was: f) Chief Ltd holds debentures in Sub Ltd amounting to: On 30/06/2022 Sub Ltd paid the annual interest in debentures at a rate of g) Chief Ltd holds no investment in shares except for those held in Sub Ltd. Accordingly, examination of the dividend revenue and dividend receivable accounts in Chief Ltd's financial statements indicates that Chief Ltd has recognised dividend revenue prior to receipt. h) The tax rate is: 4,160,000 83,200 582,400 1,123,200 -449,200 707,200 1,664,000 249,000 200,200 4,160,000 $665,600 $930,000 $322,000 $297,000 $106,000 $266,000 $174,000 $757,000 $302,000 50% $249,000 13% 30% 1,664,000 0 99,800 665,600 -133,100 665,600 0 0 366,100 1,664,000 4 years $0 Total Liabilities & Owner's Equity Assets Dividend receivable Inventory Non-current assets (depreciable) Accumulated depreciation Land Investment in Sub Ltd Debentures in Sub Ltd Other assets Total Assets Additional information: a) At date of acquisition, all identifiable net assets of Sub Ltd were recorded at fair value, with the exception of a block of land in the books of Sub Ltd. The block of land had a carrying value of: and a fair value of: b) The directors apply the impairment test for goodwill annually. As at 30/06/2022 The directors have determined the goodwill should be completely written off. The cumulative goodwill impairment write-downs for prior years totalled: On 1/07/2019 c) A non-current asset owned (Plant) by Chief Ltd was sold to Sub Ltd. Cost of the asset was: Accumulated depreciation of the asset was: The asset was sold for: Sub Ltd estimated this item had a remaining useful life of: and residual value of: d) The opening inventory of Chief Ltd includes unrealised profit of: on inventory transferred from Sub Ltd during the prior financial year. By 30/06/2022 all of this inventory was sold by Chief Ltd to parties external to the Group. e) During the current year, Chief Ltd purchased inventory from Sub Ltd for: This inventory had previously cost Sub Ltd: Percentage of this inventory sold to outsiders by Chief Ltd during the year was: f) Chief Ltd holds debentures in Sub Ltd amounting to: On 30/06/2022 Sub Ltd paid the annual interest in debentures at a rate of g) Chief Ltd holds no investment in shares except for those held in Sub Ltd. Accordingly, examination of the dividend revenue and dividend receivable accounts in Chief Ltd's financial statements indicates that Chief Ltd has recognised dividend revenue prior to receipt. h) The tax rate is: 4,160,000 83,200 582,400 1,123,200 -449,200 707,200 1,664,000 249,000 200,200 4,160,000 $665,600 $930,000 $322,000 $297,000 $106,000 $266,000 $174,000 $757,000 $302,000 50% $249,000 13% 30% 1,664,000 0 99,800 665,600 -133,100 665,600 0 0 366,100 1,664,000 4 years $0 Total Liabilities & Owner's Equity Assets Dividend receivable Inventory Non-current assets (depreciable) Accumulated depreciation Land Investment in Sub Ltd Debentures in Sub Ltd Other assets Total Assets Additional information: a) At date of acquisition, all identifiable net assets of Sub Ltd were recorded at fair value, with the exception of a block of land in the books of Sub Ltd. The block of land had a carrying value of: and a fair value of: b) The directors apply the impairment test for goodwill annually. As at 30/06/2022 The directors have determined the goodwill should be completely written off. The cumulative goodwill impairment write-downs for prior years totalled: On 1/07/2019 c) A non-current asset owned (Plant) by Chief Ltd was sold to Sub Ltd. Cost of the asset was: Accumulated depreciation of the asset was: The asset was sold for: Sub Ltd estimated this item had a remaining useful life of: and residual value of: d) The opening inventory of Chief Ltd includes unrealised profit of: on inventory transferred from Sub Ltd during the prior financial year. By 30/06/2022 all of this inventory was sold by Chief Ltd to parties external to the Group. e) During the current year, Chief Ltd purchased inventory from Sub Ltd for: This inventory had previously cost Sub Ltd: Percentage of this inventory sold to outsiders by Chief Ltd during the year was: f) Chief Ltd holds debentures in Sub Ltd amounting to: On 30/06/2022 Sub Ltd paid the annual interest in debentures at a rate of g) Chief Ltd holds no investment in shares except for those held in Sub Ltd. Accordingly, examination of the dividend revenue and dividend receivable accounts in Chief Ltd's financial statements indicates that Chief Ltd has recognised dividend revenue prior to receipt. h) The tax rate is: 4,160,000 83,200 582,400 1,123,200 -449,200 707,200 1,664,000 249,000 200,200 4,160,000 $665,600 $930,000 $322,000 $297,000 $106,000 $266,000 $174,000 $757,000 $302,000 50% $249,000 13% 30% 1,664,000 0 99,800 665,600 -133,100 665,600 0 0 366,100 1,664,000 4 years $0 Total Liabilities & Owner's Equity Assets Dividend receivable Inventory Non-current assets (depreciable) Accumulated depreciation Land Investment in Sub Ltd Debentures in Sub Ltd Other assets Total Assets Additional information: a) At date of acquisition, all identifiable net assets of Sub Ltd were recorded at fair value, with the exception of a block of land in the books of Sub Ltd. The block of land had a carrying value of: and a fair value of: b) The directors apply the impairment test for goodwill annually. As at 30/06/2022 The directors have determined the goodwill should be completely written off. The cumulative goodwill impairment write-downs for prior years totalled: On 1/07/2019 c) A non-current asset owned (Plant) by Chief Ltd was sold to Sub Ltd. Cost of the asset was: Accumulated depreciation of the asset was: The asset was sold for: Sub Ltd estimated this item had a remaining useful life of: and residual value of: d) The opening inventory of Chief Ltd includes unrealised profit of: on inventory transferred from Sub Ltd during the prior financial year. By 30/06/2022 all of this inventory was sold by Chief Ltd to parties external to the Group. e) During the current year, Chief Ltd purchased inventory from Sub Ltd for: This inventory had previously cost Sub Ltd: Percentage of this inventory sold to outsiders by Chief Ltd during the year was: f) Chief Ltd holds debentures in Sub Ltd amounting to: On 30/06/2022 Sub Ltd paid the annual interest in debentures at a rate of g) Chief Ltd holds no investment in shares except for those held in Sub Ltd. Accordingly, examination of the dividend revenue and dividend receivable accounts in Chief Ltd's financial statements indicates that Chief Ltd has recognised dividend revenue prior to receipt. h) The tax rate is: 4,160,000 83,200 582,400 1,123,200 -449,200 707,200 1,664,000 249,000 200,200 4,160,000 $665,600 $930,000 $322,000 $297,000 $106,000 $266,000 $174,000 $757,000 $302,000 50% $249,000 13% 30% 1,664,000 0 99,800 665,600 -133,100 665,600 0 0 366,100 1,664,000 4 years $0