Financial statements of Equuleus Ltd and its subsidiary Fornax Ltd at 31 Dec 2014:

	Equuleus Ltd			Fornax Ltd
Profit before tax		$ 3200			$ 1800
Income tax expense		(1300)			(240)
Profit for the year Other comprehensive income: Gain/loss on FA fair value change Total comprehensive income Profit for the year		1900 (500) 1400			1560 200 1360
		1900			1560
Retained earnings (1/1/2014)		1500			2100
		3400			3660
Dividend		(500)			(0)
Retained earnings (31/12/2014)		2900			3660
Share capital		25000			10000
General reserve		8000			3000
FA fair value change reserve (1/1/2014)		1500			300
Change during the year (simultaneously as OCI)		(500)			200
FA fair value change reserve (31/12/2014)		1000			500
Liabilities (include DTL net of DTA)		5000			1300
Total equity and liabilities		$ 41900			$ 18460
Land		$ 8600			$ 5100
Plant		17000			8000
Accumulated depreciation		(5000)			(1000)
Financial assets		3000			2000
Inventory		3000			4000
Cash		300			360
Shares in Fornax Ltd		15000			-
Total Assets		$ 41900			$ 18460

Equuleus Ltd had acquired all the share capital of Fornax Ltd on 1 Jan 2013 for $15000 when the equity of Fornax Ltd consisted of:

Share capital - 10 000 shares	$10 000
General reserve	2 000
Retained earnings	1 500

At the acquisition date, Fornaxs assets and liabilities were recorded as fair value except for the following:

	Carrying amount	Fair value
Land	$ 4000	6000
Plant (cost $6000)	5500	6500
Inventory	3000	4000

The plant had a further 5-year life. The inventory was sold by 31 Dec 2013. All valuation adjustments to non-current assets are made on consolidation. The land was sold in May 2014 for $6000. Tax rate is 30%.

Required

Prepare the consolidated financial statements for the year ended 31 Dec 2014. Include consolidation adjustment journal entries and a consolidation worksheet.