Gilbert Limited sold inventory to POTOROO limited for $30,000 at a profit before tax of $6000. I thought you June 2020, inventory which was sold to POTOROO Limited for $12,500 at a profit before tax of five $2500 was still on hand in the records of POTORO limited.

On 1 June 2020, Gilbert limited sold machinery to POTOROO limited at a gain of at a gain of at a gain of $5000. The machinery was considered to have a father five-year life. During the period POTOROO limited rented a warehouse from Gilbert limited, paying $1250 in rent to Gilbert 's limited.

During the during the Gilberts limited recorded games from evaluation of land which is measured using the way of value method this gains increase the asset revaluation Surplus by $22,000 to give a balance of $14,000 at 30th June 2020.

In June 2020, impairment test was conducted on PROTOO limited and resulted in the recognition of impairment losses on goodwill of $8000 (recognized in other expenses)

The following financial information was provided by the company's at 30th June 2020:

Gilberts Limited

Ptoro limited

Sales revenue

62500

59000

dividend revenue

2500

-

other income

2500

5000

gain on sale of non-current assets

25000

5000

total income

70000

69000

cost of sales

52500

45000

other expenses

7500

2500

total expenses

60000

47500

profit before income tax

10000

21500

income tax expense

3375

4875

profit for the year

6625

16625

retain earnings

15000

7500

dividendsPaid

21625

24125

retain earnings

6250

2500

retained earnings

15375

21625

a.Acquisition analysis as at 1^st of July 2019

b.Prepare consolidation entries at 30^th June 2020 (business combination valuation reserve ,pre-acquisition equity and intragroup transaction and intragroup transactions.

c.Complete consolidation worksheet

d.Prepare consolidated financial statement at 30^th June 2020.