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On 1 July 2019 Short Ltd acquired 80% of the shares of Tall Ltd for $436 200. At this date the equity of Tall Ltd

On 1 July 2019 Short Ltd acquired 80% of the shares of Tall Ltd for $436 200.
At this date the equity of Tall Ltd consisted of share capital of $280 000 and retained earnings of $140 000. All the identifiable asset and liabilities of Tall Ltd were recorded at amounts equal to fair value except for:
Carrying amount FV
Land 80 000 95 000
Plant (Cost $380 000) 300 000 330 000
Inventories 15 000 18 000
The plant was considered to have a further 10-year life.
All the inventory was sold by 30 June 2020.
A litigation claim of $6 000 and Patent of $20 000 was unrecorded during the 2019 financial year.
The tax rate is 30%. Short Ltd uses the partial goodwill method.
During the 2019-20 period Tall Ltd recorded a profit of $60 000.
Required
A. Using partial goodwill, Calculate acquisition analysis at 1 July 2019
B. Prepare all consolidation journal entries for 30 June 2020
At 1 July 2019:
(a) Worksheet entries at 1 July 2019:
(i) BCVR entries:
Land:
Plant:
Inventories
Patent
Litigation
(ii) Pre-acquisition entries:
(iii) NCI share of equity at 1 July 2019:
Part B
(i) Journal entries 30 June 2020:
Land:
Plant:
Sale of inventory
Patent
Litigation
(ii) Pre-acquisition entries:
(iii) NCI share of equity at 30 June 2020:
(iv) NCI share of equity (1/7/19 - 30/6/20):

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