On $1$ July $2021,$ Ingrid Ltd acquired all the issued shares of Isabella Ltd$.$ The consideration for the acquisition was $$47350$ cash plus $100000$ shares in Ingrid Ltd$,$ which had a fair value of $$2$ per share.At the acquisition date, Isabella Ltd had inventories with a fair value $$1500$ greater than carrying amount.All these inventories were sold by Isabella Ltd prior to $30$ June $2022$Isabella Ltd conducts a research and development division. It has expensed all past outlays. At the acquisition date, Ingrid Ltd assessed there was an in$-$process research and development asset with a fair value of $$12000.$ Ingrid decided that $$3000$ of this asset should be impaired for the year to $30$ June $2022.$The income tax rate is $30\%.$Intragroup transactions occurring in the annual period ended $30$ June $2022$ were as follows. the e ben he courtest the $2\%$ Bel Line $202,$ natories to i neid i dal als wana ought fromIsabella Ltd for $$15000.$T$)$ se were daged one open mauiet $908100.$ den e previous aue years a lest.due on $30$ June $2022$ has been paid by Isabella Ltd$\mathrm{.}15$a la $4$e: $2020$ to ma nut solia. The asy is a to a sla la t as a Tie as a had achinery.The depreciation rate used by Isabella Ltd for this type of asset is $20\%$ p$.$a$.$ on cost$.($d$)$ On $1$ March $2022,$ Isabella Ltd declared and paid a dividend of $$14700$ from its profits. On $30$ June $2022,$ Isabella Ltd declared a further dividend of $$10800\mathrm{.}97$The financial information provided by the two entities for $30$ June $2022$ was as follows:SalesDividend revenueIngrid Ltd$ $35210025500$Isabella Ltd$ $2720005000$Other income$/$gains$1000023000$Cost of sales$387600300000(184500)(180000)$Other expenses$(51900)(33000)(236400)(213000)$Profit before income tax$15120087000$Income tax expense$(48000)(30000)$Profit for the year$10320057000$Retained earnings $(1/7/21)3600018000$Dividend paid$13920075000(51000)(14700)$Dividend declared$(36000)(10800)$Retained earnings $(30/6/22)(87000)(25500)5220049500$Share capital$480000180000$General reserve$10200036000$Total equity$ $634200$$ $265500$Deferred tax liabilities$ $19500$$ $75008\%$ debentures$0120000$Dividend payable$2400010800$Provisions$1800035460$Payables$1650015000$Total liabilities$ $78000$$ $188760$Total equity and liabilities$ $712200$$ $454260$Plant and machinery$160000165000$Accumulated depreciation$(60000)(39000)$Land$143450225000$Debentures in Isabella Ltd$85500$Shares in Isabella Ltd$247350$Cash$11505260$Receivables$3175015500$Inventories$10300082500$Total assets$ $712200$$ $454260$Required$2.$ Preculate a cuistination sir as entries $2030.$Prepare the consolidation journal entries for $30$ June $20223.$ Complete the consolidated worksheet for $30$ June $20224.$ Prepare the consolidated financial statements at $30$ June $20225.$ Write a report to explain the consolidation process as per AASB$10$ for wholly owned entities and provide suitable explanations for intragroup adjustments $($b$)$ and $($c$)$ in additional information above$\mathrm{.}6.$ Upload to Moodle driveMarking guide:Interpretation and representationCalculationsAnalysisAssumptionsCommunications$20\%50\%10\%10\%10\%$