Not yet answered Parked out of 00 Flag tion. The information below relates to Up Ltd and down Ltd. 12:10:19 On 30 June 2021, Up Ltd acquired all of the issued shares of down Ltd for $345,000. At the acquisition date the equity of down Ltd consisted of: Share capital Reserves Retained earnings $135,000 115,000 80,000 At the date of acquisition this equity reflected the fair values of all the identifiable assets and liabilities of down Ltd with the exception of Inventory which had a fair value $3,000 greater than its carrying amount. The corporate tax rate is 32%. Required: a) Prepare an analysis of the situation and also prepare the 30 June 2021 consolidation journal entries (with narrations) that are relevant to the above transactions and events for the books/records of the parent company. (9 marks) NO Finis b) On 30 June 2021, the drafted individual financial statements of both companies are given as below. Based on the adjustment entries you have provided, complete the consolidation worksheet for 30 June 2021 provided below. (13 marks)