Jonathan Ltd acquired all the issued shares (ex-div.) of Thomas Ltd on 1 July 2020 for $246 000. At this date the equity of Thomas Ltd consisted of: Share capital General reserve $ 130 000 50 000 Retained earnings 40 500 At the acquisition date all the identifiable assets and liabilities of Thomas Ltd consisted of: Plant (cost $230 000) $200 000 Land Inventories Carrying amount Fair value $210 000 120 000 38 000 100 000 30 000 The inventories were all sold by 30 June 2020. The land was sold on 1 February 2021 for $150 000. The plant was considered to have a further 5-year life. The plant was sold for $155 000 on 1 January 2022. Also, at acquisition date Thomas Ltd had recorded a dividend payable of $7000 and goodwill (net of accumulated impairment losses of $13 000) of $5000. Thomas Ltd had not recorded some internally generated brands that Jonathan Ltd considered to have a fair value of $12 000. The brand was considered to have an indefinite life. Also not recorded by Thomas Ltd was a contingent liability relating to a current court case in which Thomas Ltd was involved and a supplier was seeking compensation. Jonathan Ltd placed a fair value of $15 000 on this liability. This court case was settled in May 2022 at which time Thomas Ltd was required to pay damages of $16 000. In February 2021, Thomas Ltd transferred $20 000 from the general reserve on hand at 1 July 2020 to retained eamings. A further $15 000 was transferred in February 2022. Both companies have an equity account entitled 'Other components of equity' to which certain gains and losses from financial assets are taken. At 1 July 2021, the balances of these accounts were $30 000 (Jonathan Ltd) and $15 000 (Thomas Ltd). The financial statements of the two companies at 30 June 2022 contained the following information: I Jonathan Ltd Thomas Ltd Revenues 90 000 64 000 Expenses 34-000 42 000 Trading profit 56 000 22 000 Gains (losses) on sale of non-current assets 8 000 8.000 Profit before tax 64 000 30 000 Income tax expense 12 000 5 000 Profit for the period 52 000 25 000 Retained earnings (1/7/21) 103 000 55 000 Transfer from general reserve 30 000 15 000 185 000 95 000 Dividend paid 20 000 0 Retained earnings (30/6/22) 165 000 95 000 Share capital 150 000 130 000 General reserve 10 000 20 000 Other components of equity 25 000 18.000 Total equity 350 000 263 000 Accounts payable 40 000 10 000 Deferred tax liability 18.000 10 000 Other non-current liabilities 250 000 230 000 Total liabilities 308 000 250.000 Total equity and liabilities 658 000 513 000 430 000 320 000 Plant Accumulated depreciation-plant Land (182 000) 150 000 (220,000) 20 000 0 Brands 80 000 Shares in Thomas Ltd 246 000 Financial assets 110 000 107 000 Cash 10 000 5 000 Inventories. 40 000 30 000 Goodwill 20 000 18 000 Accumulated impairment losses Total assets 0 (13 000) 658 000 513 000 Required 1. Calculate acquisition analysis as at 1 July 2020 2. Prepare the consolidation joumal entries for 30 June 2022 3. Complete the consolidated worksheet for 30 June 2022 4. Prepare the consolidated financial statements at 30 June 2022 5. Write a report to explain the consolidation process as per AASB10 for wholly owned entities.