Hi just wondering if I can get some help with this question?

I have been working on it for hours and just need some pointers so help me complete it.

Thanks!

On 1 July 2014, White Ltd acquired 75% of the shares in Black Ltd for $190,000. At this date, the equity in Black Ltd comprised: Share capital General reserve Retained earnings $160,000 30,000 50,000 All the assets and liabilities in Black Ltd were recorded at fair value, except for inventory, which had a carrying amount of $15,000 and a fair value of $20,000. The inventory had all been sold by 30 June 2015. Additional information relevant for the period 1 July 2014 - 30 June 2016: (a) White Ltd uses the partial goodwill method. (b) Profits earned by the subsidiary during the year ended 30 June 2015 was $12,800 and 30 June 2016 was $14,000. (c) From 1 July 2014 to 30 June 2016, there had been no movements in Share capital, General reserve and no dividends paid or declared in Black Ltd. (d) During the year ended 30 June 2016, Black Ltd sold inventory to White Ltd for $48,000. At 30 June 2016, White Ltd still had some of this inventory on hand. This inventory had been sold to it by Black Ltd at a before-tax profit of $4,000. Additional information relevant for the period 1 July 2016 - 30 June 2017: (a) The inventory sold to White Ltd by Black Ltd for a before-tax profit of $4,000 in the previous period was sold to external entities during the year ended 30 June 2017. (b) On 1 January 2017, Black Ltd sold plant to White Ltd for a before-tax profit of $1,200. This plant was carried at $3,000 in the records of Black Ltd at time of sale. Depreciation on this type of plant is calculated using a 20% per year straight-line method. (c) On 1 February 2017, White Ltd sold an item of plant to Black Ltd. While White Ltd classified this as plant, Black Ltd classified it as inventory. The sales price was $10,000 which included a profit to White Ltd of $1,500. Black Ltd sold this to another entity on 31 March 2017 for $12,000. (d) On 30 June 2017 White Ltd made an interest free loan of $20,000 to Black Ltd which is not repayable until 30 June 2022. (e) White Ltd recognises dividends receivable from its subsidiary when the dividends are declared. Required: 1. Prepare an acquisition analysis at 1 July 2014 using the partial goodwill method. 2. Prepare consolidation journal entries as at 1 July 2014. 3. Prepare consolidation journal entries for the year ended 30 June 2015. 4. Prepare consolidation journal entries for the year ended 30 June 2016. 5. Prepare consolidation journal entries for the year ended 30 June 2017. Note: Your consolidaiton journal entries for Required 5. should be provided in the following format: (a) Business combination valuation entries at 30 June 2017 (if applicable) (b) Pre-acquisition entries at 30 June 2017 (c) NCI share of equity at 1 July 2014 (d) NCI share of equity changes from 1 July 2014 to 30 June 2016 (e) NCI share of equity changes from 1 July 2016 to 30 June 2017 (f) Intragroup transaction adjustments required as at 30 June 2017 You will also need to refer to the consolidation worksheet in Required 6 to complete Required 5. 6. Complete the consolidation worksheet for the year ended 30 June 2017: Consolidation worksheet at 30 June 2017 White Black Ltd Ltd $220,00 Sales revenue $418,000 0 Other revenue 49,000 20,000 Total trading income Cost of sales Other expenses Total expenses Profit from trading Proceeds from sale of plant Carrying amount of plant sold Gain/loss on sale of plant Profit before tax Income tax expense Profit after tax 467,000 240,000 90,000 85,000 165,000 90,000 255,000 175,000 212,000 65,000 10,000 4,200 8,500 3,000 1,500 1,200 213,500 66,200 22,000 13,000 191,500 53,200 Retained earnings 1/7/16 102,500 76,800 Dividend paid 15,000 12,000 Dividend declared 6,000 4,000 Retained earnings 30/6/17 273,000 114,000 Share capital 20,000 160,000 General reserve 40,000 50,000 Total equity parent Total equity NCI BCVR TOTAL EQUITY 333,000 324,000 Adjustments Dr Cr NCI Group Dr Cr Parent