Maxix Ltd purchased all the issued shares of Somix Ltd for $1232000 on 1 July 2022 when the equity of Somix Ltd was as follows; 1 2 Share capital 3 Retained earnings $492,800 $369,600 $184,800 4 General reserve At this date, Somix Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followin Carrying Amount Further life(Years) Account Inventories Land Machinery Contingent Liability Unrecorded Asset Unrecorded Asset Cost $37,000 $92,000 $115,000 $172,500 Somix Ltd identified at acquisition date a lawsuit where Somix Ltd was sued by a former supplier with the Fairvalue of: Somix Ltd had unrecorded and internally generated Patent with the FairValue of: Somix Ltd had unrecorded and internally generated in- process research and development with the FairValue of: Fair value $56,000 $138,000 $173,000 $15,000 $37,000 $28,000 5 + Tax rate:30%. Required 1. Considering the above information regarding the wholly owned entity; a.Prepare the acquisition analysis at acquisition date. b.Prepare the business combination valuation entries and the pre-acquisition entry at acquisition date. c.Prepare worksheet adjusting journal entries for the consolidation on 30 June 2023, considering 40% of inventory were sold by 30 June 202

Required 1. Considering the above information regarding the wholly owned entity; Prepare the acquisition analysis at acquisition date. 2.Prepare the business combination valuation entries and the pre-acquisition entry at acquisition date. Prepare worksheet adjusting journal entries for the consolidation on 30 June 2023, considering 40% of inventory were sold by 30 June 202