Consolidations- wholly owned subsidiaries On 1 March 2021, Henry Ltd acquired all the assets and liabilities of Roosevelt's Ltd issuing 200,000 shares to acquire these net assets. The fair value of Roosevelt's assets and liabilities at this date were: Cash Furniture and fittings Accounts receivable Plant Accounts payable Current tax liability Provision for annual leave $600,000 320,000 80,000 800,000 160,000 88,000 32,000 The financial year for Henry Ltd is 1 March 2021 to 31 March 2022. Required: A. Prepare the journal entries for Henry Ltd to record the business combination at 1 March 2021, assuming the fair value of each Henry Ltd share at acquisition date is $8.20. (6 marks) B. Prepare the journal entries for Henry Ltd to record the business combination at 1 March 2021, assuming the fair value of each Henry Ltd share at acquisition date is $7.40. (6 marks) C. Explain the purpose of the pre-acquisition entries in the preparation of consolidated financial statements. (3 marks)