On 1 July 2019, ABC Pty Ltd acquired all the share capital of Ten Pty Ltd for $750,000. At that date, Ten Pty Ltd's equity consisted of: Share capital $200,000, General Reserve $182,000 and Retained earnings $114,000.

At 1 July 2019, all the identifiable assets and liabilities of Ten Pty Ltd were recorded at fair value. Both companies employ the perpetual inventory system.

Financial information for ABC and Ten Pty Ltd for the year ended 30 June 2020 is presented below:

Financial statements	ABC Pty Ltd	Ten Pty Ltd
Sales revenue	2,392,000	1,856,000
Cost of sales	1,776,000	1,340,000
Wages and salaries	115,000	124,000
Depreciation	10,400	9,600
Other expenses	8,000	-
Total expenses	1,909,400	1,473,600
	482,600	382,400
Proceeds from sale of equipment	12,000	-
Carrying amount of equipment sold	14,000	-
Gain(loss)	-2,000	-
Profit before income tax	480,600	382,400
Income tax expense	192,240	176,960
Profit	288,360	205,440
Retained earnings (1/7/2020)	201,640	80,560
	490,000	286,000
Dividend paid	100,000	-
Retained earnings (30/6/2021)	390,000	286,000
Share capital	1,000,000	600,000
General reserve	280,000	192,000
Deferred tax liability	104,000	86,000
	1,774,000	1,164,000
Investment in subsidiary Ltd	944,000	-
Cash	160,000	86,000
Inventory	336,000	72,000
Other current assets	50,000	736,000
Land	200,000	240,000
Equipment	104,000	56,000
Accumulated depreciation	-20,000	-26,000
	1,774,000	1,164,000

Additional information:

1. On 1 January 2020, Ten Pty Ltd sold inventory costing $60,000 to ABC Pty Ltd for $100,000. Half of this inventory was still on hand with ABC Pty Ltd at 30 June 2021.
2. On 31 March 2020, ABC Pty Ltd sold equipment to Ten Pty Ltd for $12,000 which was $2,000 below its carrying amount to ABC Pty Ltd at that date. Ten Pty Ltd charged deprecation at the rate of 10% p.a. on this time.
3. In the 2020 period, ABC Pty Ltd sold a block of land to Ten Pty Ltd at $40,000 above cost. The land is still held by Ten Pty Ltd.
4. There was a profit in the beginning inventory of ABC Pty Ltd of $12,000 on goods acquired from Ten Pty Ltd in the previous period.
5. The tax is 30 per cent.
6. Goodwill on acquisition $266,000
7. Use IFRS or AASB

Required:

1. Prepare journal entries for consolidation worksheet;
2. Prepare consolidation worksheet for ABC Pty Ltd for the year ended 30 June 2020.
3. Prepare consolidated financial statements for the year ended 30 June 2020.