During the 2019-20 period, the following transactions occurred. (a) Gilberts Lid sold inventory to Potoroo Lid for $30 000 at a profit before tax of $6000. At 30 June 2020, inventory which was sold to Potoroo Lid for $12 500 at a profit before tax of $2500 was still on hand in the records of Potoroo Lid. (b) On 1 January 2020, Gilberts Lid sold machinery to Potoroo Lid at a gain of $5000. The machinery was considered to have a further 5-year life. (c) During the period Potoroo Lid rented a warehouse from Gilberts Lid, paying $1250 in rent to Gilberts Ltd. (d) During the period Gilberts Lid recorded gains from revaluation of land, which is measured using the fair value method. These gains increased the asset revaluation surplus by $2000 to give a balance of $14 000 at 30 June 2020. (e) In June 2020, an impairment test was conducted on Potoroo Lid and resulted in the recognition of impairment losses on goodwill of $8000 (recognised in other expenses) The following financial information was provided by the companies at 30 June 2020: Gilberts Ltd Potoroo Ltd Sales revenue $62 500 $59 000 Dividend revenue 2500 Other income 2 500 5000 Gains on sale of non-current assets 2 500 5000 Total income 70 000 69 000 Cost of sales (52 500) (45 000) Other expenses (7 500) (2 500) Total expenses (60 000) (47 500 Profit before income tax 10 000 21 500 Income tax expense (3 375) (4 875) Profit for the year 6 625 16 625 Retained earnings (1/7/19) 15 000 7 500 21 625 24 125 Dividend paid (6250) (2500) Retained earnings (30/6/20) $ 15 375 $21 625 Required: (a) Acquisition analysis at 1st July 2019 (b) Prepare consolidation journal entries at 30 June 2020 (Business Combination valuation reserve, pre- acquisition equity and intragroup transactions (c) Complete a consolidation worksheet (worksheet will be uploaded to Moodle in week 4) (d) Prepare the consolidated financial statements at 30 June 2020