Galaxy Ltd acquired 80% of the share capital of Moon Ltd on 1 July 2012. The following equity balances appeared in the records of Moon Ltd at the date of acquisition:

Share capital (210,000 shares)		$210,000
General reserve		6,100
Retained earnings		75,000

Additional information

1. At 1 July 2012, all the identifiable assets and liabilities of Moon Ltd were recorded at fair value except for the following assets:

		Carrying amount		Fair value
Land		$62,000		$80,000
Machinery (cost 135,000)		105,000		120,000
Receivable		42,000		36,000

The machinery has an expected life of 10 years, with benefits being received evenly over that period. Differences between carrying amounts and fair values are adjusted on consolidation. The land on hand at 1 July 2012 was sold on 1 March 2014 for $84,000. Any valuation reserve in relation to the land is transferred on consolidation to retained earnings. By 30 June 2013, receivables had all been collected.

2. Galaxy Ltd uses the full goodwill method. The fair value of the non-controlling interest at 1 July 2012 was $66,000.

3. Opening inventory of Moon Ltd includes unrealised profit of $5,000 on inventory sold by Galaxy Ltd. It was all sold by Moon Ltd during the year.

4. During the year, intragroup sales by Moon Ltd to Galaxy Ltd were $80,000. The mark-up on cost of all sales was 25%. At 30 June 2017, Galaxy Ltds inventory included $35,000 of items acquired from Moon Ltd.

4. The tax rate is 30%.

Prepare the consolidation journal entries, including:

• The business combination valuation entries;
• The pre-acquisition entries;
• The intra-group entries (considering the effects on non-controlling interests);