Hi Please answer to this at the earliest. Please the questions in the attachment

Trimester 2 2016 ACC705 Corporate Accounting Individual Assignment 30 marks worth Due: week 10, submit hard copy to Patricia in class at 1pm for Tuesday students and 9am to Andrew for Wednesday students. Please ensure the assignment is typed with Arial font 12, attach a KOI cover sheet Late assignments will receive a 10% deduction per day Question 1 (20 marks) Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities Lisa Ltd acquired all the issued shares of Kam Ltd on 1 January 2016 for $88 000. At this date the equity of Kam Ltd consisted of: Share capital General reserve Retained earnings $ 100 000 50 000 10 000 All the identifiable assets and liabilities of Kam Ltd were recorded at amounts equal to their fair values except for: Fixtures & Fittings (cost $70 000) Inventory Carrying amount $50 000 10 000 Fair value $60 000 20 000 Of the inventory on hand at 1 January 2016, 90% was sold by 30 June 2016. The remainder was all sold by 30 June 2017. The Fixtures & Fittings was considered to have a further 2-year life with benefits to be received equally in each of those years. There were no records in the books for a provision of legal claim worth 15,000 and patents of 90,000. These were reflected at fair value. The tax rate is 30%. Required Prepare the consolidated worksheet entries for the consolidated financial statements prepared by Lisa Ltd at 30 June 2016. Show acquisition analysis calculation, BCVR entries and Pre-acquisition entries for 30.6.16 Question 2 (10 marks) The following information has been extracted from the accounting records of Samoa Ltd for the year ended 30 June 2016: Debit Credit Sales $5 000 000 Dividends paid $ 10 000 Cost of sales 3 500 000 Finance costs 100 000 Distribution costs 200 000 Transfer from general reserve 33 000 Marketing costs 66 000 Administrative costs 99 000 Proceeds from sale of plant and machinery Carrying amount of plant and machinery 80 000 40 000 Tax rate is 30%. Required Prepare a statement of profit or loss and other comprehensive income for Samoa Ltd, for the year ended 30 June 2016, and notes to the accounts in compliance with AASB 101. Please classify expenses by function