cooperating accouting and reporting Acc705

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PPE, and dividends duse the equity of Thomas las centiaied ot Ad he aoquasion dine al he idenflatie anseh and latilites of thomis tat comand of The invenibeles weie all sold by 30 kine 2020. The land wos sold on 1 Fotruary 2021 for 5150600 . The generutod brando that Jonathan 149 conwidered bo have a fat vatie of 512000 . The brand was contidered paced a tar value of 515000 on this kubaly. This cout case was setted in Mry 2022 at which the Thoma lid was roquind to pay denopet of sie 000 oontaned the following indormution: Required 1. Cekulate acouiston arayio as at 1 dy 2620 1. Complite the convolduted workheet tor 30 anne 2022 4. Pivare the consoldast thancd sukment in 30 dire 2022 5. Wite a report to explein the consoldabon pooess as per Asert for wholy owned enened Topic: Consolidated worksheet, consolidated financial statements. Task Details: Consolidated financial statements from worksheet with adjustment entries for inventories, PPE, and dividends Jonathan Ltd acquired all the issued shares (ex-div.) of Thomas Ltd on 1 July 2020 for $246000. At this date the equity of Thomas Ltd consisted of: At the acquisition date all the identifiable assets and liabilities of Thomas Ltd consisted of: The inventories were all sold by 30 June 2020. The land was sold on 1 February 2021 for $150000. The plant was considered to have a further 5-year life. The plant was sold for $155000 on 1 January 2022. Also, at acquisition date Thomas Ltd had recorded a dividend payable of $7000 and goodwill (net of accumulated impairment losses of $13000 ) of $5000. Thomas Ltd had not recorded some internally generated brands that Jonathan Ltd considered to have a fair value of $12000. The brand was considered to have an indefinite life. Also not recorded by Thomas Ltd was a contingent libility relating to a current court case in which Thomas Ltd was involved and a supplier was seeking compensation. Jonathan Ltd placed a fair value of $15000gh this liability. This court case was settled in May 2022 at which time In February 2021, Thomas Ltd transferred $20000 from the general reserve on hand at 1 July 2020 to retained earnings. A further $15000 was transferred in February 2022 Both companies have an equity account entitled 'Other components of equity' to which certain gains and losses from financial assets are taken. At 1 July 2021, the balances of these accounts were $30000 (Jonathan Ltd) and $15000 (Thomas Ltd). The financial statements of the two companies at 30 June 2022 contained the following information: Required 1. Calculate acquisition analysis as at 1 July 2020 2. Prepare the consolidation journal entries for 30 June 2022 3. Complete the consolidated worksheet for 30 June 2022 4. Prepare the consolidated financial statements at 30 June 2022 5. Write a report to explain the consolidation process as per AASB10 for wholly owned entities