Corporate accounting numerical only to question no 5

AutoSave OFF ACC204-Saved to my Mac- Home Insert Draw Formulas Data Review View Tell me 81 x fx 12001947 A D E F 10 Sima Ltd purchased all issued shares of Nima Ltd for $2297000 on 1 July 2020 when the equity of Nima Ltd was as follows; G M 11 12 Share capital 13 Asset revaluation surplus 918800 689100 14 Retained earings 344550 At this date, Nima Ltd had not recorded any goodwill, and all identifiable assets and abilities were recorded at fair value except for the followings 15 16 Account Cost Carrying Amount Fair value Further fe(Years) 17 Inventories $68,900 $75.800 18 and $172,000 $189,000 19 Equipment $267,500 5214,000 $257,000 S Nima Ind identified at acquisition date a lawsuit where Nima Ltd was sued by a former supplier with the Fairvalue of $28,000 Nima Ltd had unrecorded and internally generated Patent with the FairValue of $69.000 Nima Ltd had unrecorded and internally generated in 22 process research and development with the FairValue of $57,000 23 24 Tax rate: 30% Required 25 1.Prepare the acquisition analysis at acquisition date. 26 2.Prepare the business combination valuation entries and the pre-acquisition entry at acquisition date. 3.Prepare worksheet adjusting journal entries for the consolidation on 30 June 2021, considering 90% of inventory were sold by 30 June 2021 and no other changes in Nima's equity since the acquisition date 27 28 4. If Sima Ltd purchased just 97% of the issued shares of Nima Ltd on 1 July 2020 and partial goodwill method is in use, Prepare the acquisition analysis at acquisition date 29 5. Prepare worksheet adjusting journal entries for the consolidation at acquisition date. 30 6-Explain in details; 31 a)What is consolidation according to accounting standards? 12 b)What are consolidated financial statements? How to prepare consolidated financial statements? 33 Why is it necessary to make consolidated worksheet adjustments? d) How often is it necessary to make consolidated worksheet adjustments? e)Where should the consolidated worksheet adjustments be posted? 34 is there any difference between consolidation for wholly owned entities and NC17 35 20 21 Contingent Liability Unrecorded Asset Unrecorded Asset *** Page Layout