Due to the coronavirus situation and the lack of enthusiasm from one of my lecture, I have to self-study. But external reporting is my worst subject, and I need help understanding and solving this. These two are the working sheets for question 1A and 1B

Question 1 (20 points) On 30th of September 2014, Apple Inc. paid 30,000 to acquire 65% of the ordinary shares and 35% of the preference shares of Beats Electronics. On that date, the retained earnings of Beats Electronics were 2,500, property plant and equipment were 27,500 and all other assets and liabilities were shown at fair values. The statements of financial position of Apple Inc. and Beats Electronics as at 30" of September 2018 are as follows: Consolidated Statement of Financial Position as at 30 September, 2018 Apple Inc Beats Electronics Assets Long-Term Assets Property, plant and equipment 219,000.00 23,500.00 Investment in Subs Goodwill 219,000.00 23,500.00 Current Assets 236,000.00 20,500.00 455,000.00 44,000.00 300,000.00 25,000.00 5,000.00 Equity Ordinary share capital Preferred shareholding Revaluation Reserve Retained earnings Pre-acquisition Post-acquisition 59,500.00 4,500.00 359,500.00 34,500.00 Non-Controlling Interest Liabilities Current liabilities 95,500.00 455,000.00 9,500.00 44,000.00 Beats Electronics has issued no share since being acquired by Apple Inc. Goodwill has suffered an impairment loss of 75% since acquisition. Non-controlling interest are to be measured at the appropriate proportion of the subsidiary's identifiable net assets (applies only to question 1) Requirements: (20 points) a. Prepare a consolidated statement of financial position as 30" of September 2018. b. Record the related Journal entries at the parent level, subsidiary level and consolidated level in the accounting equation. Name: Class: Student group: Answer Sheets Apple Inc. Consolidated Statement of Financial Position as at 30 September, 2018 Apple Inc Beats Electronics Adjustments Consolidation Assets Current Assets Equity Non-Controlling Interest Liabilities Current liabilities 1B ACCOUNTING EQUATION a1 Parent Level Adjustments ASSETS LIABILITIES + SHAREHOLDERS' EQUITY Contributed Capital Retained Earnings Accounts All retained earning Accounts Dates Cash All other assets Accounts Bad debt Allowance All Liabilities Accounts Bad debt expense Beginning Balances Transaction ACCOUNTING EQUATION Subsidiary Level Adjustments ASSETS LIABILITIES SHAREHOLDERS' EQUITY Contributed Capital Retained Earnings Accounts | All retained earning Accounts Dates Cash All other assets Accounts Bad debt Allowance All Liabilities Accounts Bad debt expense Beginning Balances Transaction ACCOUNTING EQUATION Consolidated Level Adjustments ASSETS LIABILITIES SHAREHOLDERS' EQUITY Contributed Capital Retained Earnings Accounts All retained earning Accounts Dates Cash All other assets Accounts Bad debt Allowance All Liabilities Accounts Bad debt expense Beginning Balances Question 1 (20 points) On 30th of September 2014, Apple Inc. paid 30,000 to acquire 65% of the ordinary shares and 35% of the preference shares of Beats Electronics. On that date, the retained earnings of Beats Electronics were 2,500, property plant and equipment were 27,500 and all other assets and liabilities were shown at fair values. The statements of financial position of Apple Inc. and Beats Electronics as at 30" of September 2018 are as follows: Consolidated Statement of Financial Position as at 30 September, 2018 Apple Inc Beats Electronics Assets Long-Term Assets Property, plant and equipment 219,000.00 23,500.00 Investment in Subs Goodwill 219,000.00 23,500.00 Current Assets 236,000.00 20,500.00 455,000.00 44,000.00 300,000.00 25,000.00 5,000.00 Equity Ordinary share capital Preferred shareholding Revaluation Reserve Retained earnings Pre-acquisition Post-acquisition 59,500.00 4,500.00 359,500.00 34,500.00 Non-Controlling Interest Liabilities Current liabilities 95,500.00 455,000.00 9,500.00 44,000.00 Beats Electronics has issued no share since being acquired by Apple Inc. Goodwill has suffered an impairment loss of 75% since acquisition. Non-controlling interest are to be measured at the appropriate proportion of the subsidiary's identifiable net assets (applies only to question 1) Requirements: (20 points) a. Prepare a consolidated statement of financial position as 30" of September 2018. b. Record the related Journal entries at the parent level, subsidiary level and consolidated level in the accounting equation. Name: Class: Student group: Answer Sheets Apple Inc. Consolidated Statement of Financial Position as at 30 September, 2018 Apple Inc Beats Electronics Adjustments Consolidation Assets Current Assets Equity Non-Controlling Interest Liabilities Current liabilities 1B ACCOUNTING EQUATION a1 Parent Level Adjustments ASSETS LIABILITIES + SHAREHOLDERS' EQUITY Contributed Capital Retained Earnings Accounts All retained earning Accounts Dates Cash All other assets Accounts Bad debt Allowance All Liabilities Accounts Bad debt expense Beginning Balances Transaction ACCOUNTING EQUATION Subsidiary Level Adjustments ASSETS LIABILITIES SHAREHOLDERS' EQUITY Contributed Capital Retained Earnings Accounts | All retained earning Accounts Dates Cash All other assets Accounts Bad debt Allowance All Liabilities Accounts Bad debt expense Beginning Balances Transaction ACCOUNTING EQUATION Consolidated Level Adjustments ASSETS LIABILITIES SHAREHOLDERS' EQUITY Contributed Capital Retained Earnings Accounts All retained earning Accounts Dates Cash All other assets Accounts Bad debt Allowance All Liabilities Accounts Bad debt expense Beginning Balances