On 1 July 2019 Olivia Ltd acquired 100% of the share capital (cum. div.) of Tina Ltd for $600,000. At that date, the relevant balances in the records of Tina Ltd were:

	$
Share capital	372,000
General reserve	30,000
Retained earnings	108,000
Dividend payable	12,000

At the date of acquisition all assets and liabilities of Tina Ltd were recorded in the accounting records at amounts equal to their fair values with the exception of the following assets:

	Carrying amount	Fair value
	$	$
Land	48,000	57,600
Machine	26,400	38,400

Land was sold on 1 March 2022 for $66,000. The cost of the Machine was $48000 and had a further 4-year life as at the date of acquisition. Tina Ltd had reported a Contingent liability on 1 July 2019 in relation to claims by customers for damaged goods. Olivia Ltd placed a fair value of $10,800 on these claims. This claim was settled on 1 November 2021 for $6,000.

Additional information:

1. On 1 July 2021, Tina Ltd held inventories that had been sold to it by Olivia Ltd in the previous year for $24,000, at a mark-up of 25%. The inventory was sold to external parties by the end of 2022.
2. On 1 December 2021, Olivia Ltd purchased inventory from Tina Ltd for $21,600, recording a before-tax profit of $7,200. By 30 June 2022, Olivia Ltd sold 2/3 of these to external entities for $18,000.
3. On 1 January 2020, Tina Ltd sold an item of Equipment to Olivia Ltd for $38400. The Equipment original cost to Tina Ltd was $48,000 and had a carrying amount at the time of sale of $26,400. Equipment of this class is depreciated at 25% p.a.
4. All transfers from retained earnings to the general reserve by Tina Ltd were from post-acquisition earnings.
5. On realisation of the business combination valuation reserve, a transfer is made to retained earnings on consolidation.
6. The tax rate is 30%.

The financial statements of the two companies at 30 June 2022 are as follows:

	Olivia Ltd	Tina Ltd
$	$
Revenues	996,000	540,000
Expenses	(744,000)	(396,000)
Net profit before tax	252,000	144,000
Income tax expense	(84,000)	(48,000)
Net profit after tax	168,000	96,000
Retained earnings 1 July 2021	180,000	150,000
	348,000	246,000
Dividend declared	(48,000)	(24,000)
Transfer to general reserve	(12,000)	(10,800)
Retained earnings 30 June 2022	288,000	211,200
Share capital	516,000	372,000
General reserve	60,000	57,600
Loan payable	48,000	-
Deferred tax liabilities	18,000	4,800
Other liabilities	114,000	31,200
TOTAL EQUITY AND LIABILITIES	1,044,000	676,800
Cash	87,600	180,000
Accounts receivable	78,000	-
Inventory	72,000	56,400
Deferred tax assets	19,200	13,200
Loan receivable	-	48,000
Investment in Tina Ltd	588,000	-
Non-current assets	199,200	379,200
TOTAL ASSETS	1,044,000	676,800

Required:

Prepare the consolidation journal entries for the Olivia Ltd group for the year ended 30 June 2022. Round all numbers to the nearest whole dollar.

1. Acquisition Analysis
2. BCVR Journal Entries
3. Pre-Acquisition Journal Entries
4. Intra-group Journal Entries