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The financial position statements of One Ltd and Two Ltd at Jun 30, 2020 are as follows: One Ltd Two Ltd $000 $000 e $000 $000 ASSETS Non-current assets Cost 3,100 Accumulated depreciation 840 4,400 1,280 3,120 270 2,260e 12% debentures in Two Ltd Investment in Two Ltd 840,000 ordinary shares 190,000 preference shares 1,200 230 4,820 1,430 Current assets 490 1712 208 Inventory Accounts receivable Current account with Two Ltd Cash . 330 100 110 851e 808 Current liabilities 612 110 442 140 101e e Accounts payable Debenture interest payable Interim dividend payable - ordinary - preference Tax payable Current account with One Ltd 52e 60 50 70 1 212 639 476 332 5,4592 2,592 12% debentures Total Net assets (604) 1,988 5,459 EQUITY 1,400 Share capital Ordinary shares (1,400,000 issued shares) 4,800 9% preference shares (372,000 issued shares) Retained earnings 659 3722 216 Total equity 5,459 1,988 The following information is also available: June 30, 2017 i. One Ltd acquired the ordinary and preference shares in Two Ltd on June 30, 2017 when the retained earnings of Two Ltd were $ 80,000 At June 30, 2017, all identifiable assets and liabilities of Two Ltd were recorded at amounts equal to fair value, except for: ii. Carrying amount Inventory $ 260,000 Machinery (cost $ 1600,000) $ 600,000 Fair value $ 280,000 $ 650,000 The machinery had a further 10 year life. The inventory remained at June 30, 2020 iii. On June 30, 2017, Three Ltd one of Two Ltd's major customers took a legal action against it for faulty products. Legal proceedings have been started seeking damages from Two Ltd but it disputes liability. Up to the balance sheet date, the Two Ltd's legal advices received were that it is probable that Two Ltd would be found liable. But they have also advised that it is almost impossible to estimate the amount of damages the court might award against Two Ltd or how long it might take to exhaust all the legal avenues before a final court decision is reached in this case. Two Ltd had not raised a liability in relation to the legal sue. Being prudent, One Ltd valued the contingent liability at $60,000. On July 30, 2018 Three Ltd dropped the legal case against Two Ltd for lack of evidence. iv. Two Ltd had also invented special equipment and patented the process. No asset was raised by Two Ltd but One Ltd valued the patent at $90,000, with an expected life of 10 years.- June 30, 2019 V. $20,000 of the goodwill on ordinary share capital of Two Ltd was written off as the result of an impairment test on June 30, 2019. June 30, 2019 vi. On June 30, 2019, Two Ltd sold plant, with a cost of $900,000 and accumulated depreciation of $90,000, to One Ltd for $1000,000. One Ltd charges depreciation at the rate of 10% per annum on cost. vii. The debentures were issued by Two Ltd on June 30, 2019, and are redeemable on June 30, 2021 The debenture interests are payable half yearly One Ltd had acquired a holding of these debentures worth a nominal value of $302,000 onthe same day. Besides, One Ltd has not recorded the debenture interest receivable as at June 30, 2020. June 30, 2020. vii. During the year ended June 30, 2020, One Ltd sold goods, which cost $140,000, to Two Ltd for $240,000. At June 30, 2020, Two Ltd still had 40% of this inventory in hand. viii. One Ltd has also not recorded the interim dividends receivable from Two Ltd for the year ended June 30, 2020. ix. On June 30, 2020, Two Ltd sent a cheque to One Ltd for $10,000. This was not received by One Ltd until July 2, 2020. X. One Ltd proposed a final ordinary dividend of 8 cents per share on June 30, 2020. xi. Assume Two Ltd followed the policy of One Ltd on change of useful life in machinery REQUIRED 1. Prepare schedules and worksheet (copy and paste from your excel.xsl file into the document.doc file) for: a. the relevant adjustment journals in the books of two companies b. the relevant consolidation adjustment journals c. non-controlling interests on acquisition date and reporting date 2. Prepare the consolidated statement of financial position of One Ltd for the year ended June 30, 2020.- 3. Fill in the following table the amount of listed items: S000 On acquisition date June 30, 2017 Goodwill on consolidation Non-controlling interests On reporting date June 30, 2020 Goodwill on consolidation Non-controlling interests e Consolidated Retained Earnings Consolidated Net Asset 4. For situation (iii), ignore One Ltd's accounting policy, you are to separately assess the situation where Three Ltd had not dropped the legal case against Two Ltd on July 30, 2018. Explain whether a provision should be recognised, a contingent liability should be disclosed, or nothing should be accounted for. Also, you are required to show journal entries where a provision is required, or to prepare a note to the financial statements for disclosure. The financial position statements of One Ltd and Two Ltd at Jun 30, 2020 are as follows: One Ltd Two Ltd $000 $000 e $000 $000 ASSETS Non-current assets Cost 3,100 Accumulated depreciation 840 4,400 1,280 3,120 270 2,260e 12% debentures in Two Ltd Investment in Two Ltd 840,000 ordinary shares 190,000 preference shares 1,200 230 4,820 1,430 Current assets 490 1712 208 Inventory Accounts receivable Current account with Two Ltd Cash . 330 100 110 851e 808 Current liabilities 612 110 442 140 101e e Accounts payable Debenture interest payable Interim dividend payable - ordinary - preference Tax payable Current account with One Ltd 52e 60 50 70 1 212 639 476 332 5,4592 2,592 12% debentures Total Net assets (604) 1,988 5,459 EQUITY 1,400 Share capital Ordinary shares (1,400,000 issued shares) 4,800 9% preference shares (372,000 issued shares) Retained earnings 659 3722 216 Total equity 5,459 1,988 The following information is also available: June 30, 2017 i. One Ltd acquired the ordinary and preference shares in Two Ltd on June 30, 2017 when the retained earnings of Two Ltd were $ 80,000 At June 30, 2017, all identifiable assets and liabilities of Two Ltd were recorded at amounts equal to fair value, except for: ii. Carrying amount Inventory $ 260,000 Machinery (cost $ 1600,000) $ 600,000 Fair value $ 280,000 $ 650,000 The machinery had a further 10 year life. The inventory remained at June 30, 2020 iii. On June 30, 2017, Three Ltd one of Two Ltd's major customers took a legal action against it for faulty products. Legal proceedings have been started seeking damages from Two Ltd but it disputes liability. Up to the balance sheet date, the Two Ltd's legal advices received were that it is probable that Two Ltd would be found liable. But they have also advised that it is almost impossible to estimate the amount of damages the court might award against Two Ltd or how long it might take to exhaust all the legal avenues before a final court decision is reached in this case. Two Ltd had not raised a liability in relation to the legal sue. Being prudent, One Ltd valued the contingent liability at $60,000. On July 30, 2018 Three Ltd dropped the legal case against Two Ltd for lack of evidence. iv. Two Ltd had also invented special equipment and patented the process. No asset was raised by Two Ltd but One Ltd valued the patent at $90,000, with an expected life of 10 years.- June 30, 2019 V. $20,000 of the goodwill on ordinary share capital of Two Ltd was written off as the result of an impairment test on June 30, 2019. June 30, 2019 vi. On June 30, 2019, Two Ltd sold plant, with a cost of $900,000 and accumulated depreciation of $90,000, to One Ltd for $1000,000. One Ltd charges depreciation at the rate of 10% per annum on cost. vii. The debentures were issued by Two Ltd on June 30, 2019, and are redeemable on June 30, 2021 The debenture interests are payable half yearly One Ltd had acquired a holding of these debentures worth a nominal value of $302,000 onthe same day. Besides, One Ltd has not recorded the debenture interest receivable as at June 30, 2020. June 30, 2020. vii. During the year ended June 30, 2020, One Ltd sold goods, which cost $140,000, to Two Ltd for $240,000. At June 30, 2020, Two Ltd still had 40% of this inventory in hand. viii. One Ltd has also not recorded the interim dividends receivable from Two Ltd for the year ended June 30, 2020. ix. On June 30, 2020, Two Ltd sent a cheque to One Ltd for $10,000. This was not received by One Ltd until July 2, 2020. X. One Ltd proposed a final ordinary dividend of 8 cents per share on June 30, 2020. xi. Assume Two Ltd followed the policy of One Ltd on change of useful life in machinery REQUIRED 1. Prepare schedules and worksheet (copy and paste from your excel.xsl file into the document.doc file) for: a. the relevant adjustment journals in the books of two companies b. the relevant consolidation adjustment journals c. non-controlling interests on acquisition date and reporting date 2. Prepare the consolidated statement of financial position of One Ltd for the year ended June 30, 2020.- 3. Fill in the following table the amount of listed items: S000 On acquisition date June 30, 2017 Goodwill on consolidation Non-controlling interests On reporting date June 30, 2020 Goodwill on consolidation Non-controlling interests e Consolidated Retained Earnings Consolidated Net Asset 4. For situation (iii), ignore One Ltd's accounting policy, you are to separately assess the situation where Three Ltd had not dropped the legal case against Two Ltd on July 30, 2018. Explain whether a provision should be recognised, a contingent liability should be disclosed, or nothing should be accounted for. Also, you are required to show journal entries where a provision is required, or to prepare a note to the financial statements for disclosure