On 1 July 2018 Ross Ltd, a reporting entity, acquired 100% of the issued voting shares of Racheal Ltd for a consideration of $360,000. At the date of acquisition Racheal Ltd's Statement of Financial Position was as follows: Statement of Financial Position at 1 July 2018 Assets Accounts receivable Inventories Property, plant and equipment Total Assets Liabilities Accounts payable Current taxes payable Term loan Other liabilities Total Liabilities Net Assets Equity Issued capital Retained earnings Total Equity 50,000 62,000 460,000 572,000 32,000 79,000 40,000 171,000 322,000 250,000 200,000 50,000 250,000 All of Racheal Ltd's identifiable assets and assumed liabilities were at fair value except an item of plant. The item of plant has a cost of $50,000 and a carrying amount of $30,000, but a fair value of $10,000 greater than the current carrying amount. The remaining useful life of that item of plant at 1 July 2018 was assessed at five (5) years. The consolidated group have adopted the cost model for property, plant and equipment and utilise the straight-line depreciation methodology. On 1 July 2018 Ross Ltd sold an item of equipment to Racheal Ltd for $15,000. The original cost of that item of equipment was $10,000 and at the date of sale by Ross Ltd the carrying amount of that item of equipment was $5,000 with a remaining useful life of five (5) years. In May 2019, Racheal Ltd sold goods to Ross Ltd for $630,000. The inventory had cost Racheal Ltd $500,000. 70% of the goods were sold by Ross Ltd during June 2019 with the remainder on hand at the end of June 2019. Both companies utilise the perpetual method of recording inventory. On 30 June 2019 Ross Ltd owed Racheal Ltd $120,000 for the inventories purchased in May 2019. The Ross Racheal Group has a 30 June financial year end and the company tax rate is 30%. Required: Prepare the acquisition analysis for Ross Ltd's investment in Racheal Ltd at 1 July 2018. In accordance with the requirements of AASB 10, prepare the consolidation journal entries for Ross Racheal Group for the year ended 30 June 2019.