Defire a hoking compony and a subsidiary company, and discuss the legal telationship bohween the fwo: Duestion 4 The following are the summarited balance sheets of Snow Led, at 30 . Septembor, yoars 12 and 13 ! Oni 1 Ocfober yesi 12, Hail Lt. acquired the entire share capinal of Snow Ltd. for a cash payment of R30 000 and the issue of 4000 shares of R1 each at a premium of 25 cents per share. The follwwing occured during the yoar ended 30 Septembor, year 13c 3(60)=0)20 1. Hail Ltd, invoiced goods to Snow Ltd, at cost plus 20% and at the year-end R3 =43 600 of these goods remained unsold. 2. Snow Ltd. made a profit of R13750 before charging taxation. 3. At 30 September, year 12, Snow Lid. made a provision for taxation of R4 750 for: the accounting year to 30 September, year 12 , and at 30 September, year 13 , a taxation provision of R6 000 for the accounting year to 30 September, year 13 . In determining the price of the shares of Snow Lid. at 30 September, year 12, it was agreed to revalue at R15 000 the factory standing in the books at R12,500, and at R10 000 plant having a book value of R7500, but the new values were not recorded in the books. Snow Ltd. provided for R1 500(20%) depreciation on this plant in the year to 30 September, year 13. On 30 September, year 13 , stock valued at R1500 was in transit from Hail Ltd. to Snow Lid, which did not record it in its books until 4 October, year 13. A remittance of R1 000 from Snow Ltd;, included in the balance at current account, was not recorded by Hail Lid. unti 3 October, year 13 . Prepare the necessary journal entries: (a) to record the acquisition of Snow Ltd. in the books of Hail Lid.. and (b) the pro forma joumal entries required to be added to the trial balance of Hail Ltd. so that the consolidated balance sheet can be prepared at 30 September, year 13 . You do not have to prepare the actual balance sheot