On 1 July 2019, Mansion Ltd acquired 30% of the issued ordinary shares of Penny Ltd for $180,000. The equity of Penny Ltd at that date was as follows. $ Ordinary shares 400,000 Retained earnings 128,000 All assets were recorded at fair value except for the following:

Carrying amount Fair value Plant $130,000 $160,000 Inventory $27,000 $36,000 By 30 June 2020, the inventory on hand at 1 July 2019 had been sold to parties outside the group. The plant had an estimated remaining useful life of three years from the acquisition date. On 1 June 2020, Mansion Ltd purchased inventory from Penny Ltd for $28,000. A profit before tax of $12,000 had been made on the sale. All the inventory remains unsold by Mansion Ltd at 30 June 2020. As at 30 June 2020, the following relates to Penny Ltd: $ Operating profit before income tax 135,000 Income tax expense 40,500 Dividends paid 20,000 The tax rate is 30%. Required: (i) Prepare an acquisition analysis in relation to the acquisition made by Mansion Ltd. (ii) Prepare the equity journal entries to account for Mansion Ltds investment in Penny Ltd for the year ended 30 June 2020, if Mansion Ltd prepares consolidated financial statements. Show all workings.