On 1 July 2019 Sugar Ltd acquired 90% of the shares of Glider Ltd for $565 240. At this date the equity of Glider Ltd consisted of share capital of $370 000 and retained earnings of $190 000. All the identifiable asset and liabilities of Glider Ltd were recorded at amounts equal to fair value except for:

Carrying amount

Fair Value

Land

$180 000

$200 000

Plant (cost $380 000)

$300 000

$330 000

Inventories

$25 000

$35 000

The plant was considered to have a further 10-year life. All the inventory was sold by 30 June 2020. The tax rate is 30%. Sugar Ltd uses the partial goodwill method.

During the 2019-20 period Glider Ltd recorded a profit of $30000.

Required

Prepare the consolidation worksheet entries for the preparation of the consolidated financial statements of Sugar Ltd at 30 June 2020.