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Given the following balance sheets and additional information, create a consolidated balance sheet as of 30 June 2022. Delta Corporation Balance Sheet as at 30

Given the following balance sheets and additional information, create a consolidated balance sheet as of 30 June 2022.

Delta Corporation Balance Sheet as at 30 June 2022:

Assets

£

Fixed assets


- Investment in Subsidiary

500,000

- Other fixed assets

600,000

- Less Depreciation

(100,000)

Current assets

130,000

Total Assets

1,130,000

Equity

£

Share capital

600,000

Retained earnings


- As at 30.06.2021

250,000

- Add Profit for 2022

60,000

Total Equity

910,000

Gamma Ltd Balance Sheet as at 30 June 2022:

Assets

£

Fixed assets

420,000

- Less Depreciation

(110,000)

Current assets

180,000

Total Assets

490,000

Equity

£

Share capital

350,000

Retained earnings


- As at 30.06.2021

100,000

- Add Profit for 2022

40,000

Total Equity

490,000

Additional Information: Delta Corporation sold machinery to Gamma Ltd for £90,000, originally costing £85,000. Gamma Ltd depreciated it by 10% of the purchase value during 2022

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