In the year ended 30 June 2019, Jane Ltd acquired all of the issued shares of Thomas Ltd for $231 300 on a-cum-div. basis.

Information about the two companies at 1 July 2019 included the following.

The equity of Thomas Ltd at 1 July 2019 consisted of $144 000 share capital and $36 000 retained earnings. Included in the assets and liabilities recorded by Thomas Ltd at 1 July 2019 were goodwill of $5400 and dividend payable of $4500. On the acquisition date all the identifiable assets and liabilities of Thomas Ltd were recorded at carrying amounts equal to their fair values except for inventories for which the fair value of $39 600 was $3600 greater than its carrying amount, and equipment which had a fair value of $94 500 and a carrying amount of $90 000. Jane Ltd discovered that Thomas Ltd had two assets that had not been recorded by Thomas Ltd. These were internally generated patents that had a fair value of $45 000 and in-process research and development for which Thomas Ltd had expensed $90 000, but Jane Ltd considered that an asset was created with a fair value of $18 000. In the notes to the financial statements at 30 June 2019, Thomas Ltd had reported the existence of a contingent liability relating to guarantees for loans. Jane Ltd determined that this liability had a fair value of $9000 at 1 July 2019.

Tax rate is 30%

1. Prepare the acquisition analysis at 1 July 2019.

2. Prepare the consolidation worksheet entries for Jane Ltds group at 1 July 2019. This should consist of BCVR entries and pre-acquisition entries.