On 1 July 2018, Flying Ltd purchased 40% of the shares of Fox Ltd for $63 200. At that date, equity of Fox Ltd consisted of Share capital Retained earnings $125000 1 000 At 1 July 2018, the identifiable assets and liabilities of Fox Ltd were recorded at fair value Information about income and changes in equity for both companies for the year ended 30 June 2021 was as follows. Flying Ltd $26 000 10600 15 400 18 000 33 400 5 000 10000 15 000 18 400 Fox Ltd $23 500 5 400 18 100 16000 34 100 Profit before tax Income tax expense Profit Retained earnings (1/7/20) Dividend paid Dividend declared 5000 9000 25 100 Retained earnings (30/6/21) Additional information Flying Ltd recognises dividends as revenue when they are declared by the investee. On 31 December 2019, Fox Ltd sold Flying Ltd a motor vehicle for S12 000. The vehicle had originally cost Fox Ltd S18 000 and was written down to $9000 for both tax and accounting purposes at time of sale to Flying Ltd. Both companies depreciated motor vehicles at the rate of 20% pa. on cost. The beginning inventories of Fox Ltd included goods at $4000 bought from Flying Ltd; their cost to Flying Ltd was $3200 . The ending inventories of Flying Ltd included goods purchased from Fox Ltd ata profit before tax of $1600 The tax rate is 30% 2. Prepare the consolidated worksheet entries in relation to the investment in Fox Ltd, assuming Flying Ltd does prepare consolidated financial statements at 30 June 2021