On 1 July 2020, Bowie Ltd acquired all the shares of David Ltd for $500,000 on an ex-div. basis. On this date, the equity and liabilities of David Ltd included the following balances:

Share capital	$100,000
General reserve	25,000
Retained earnings	145,000
Dividend Payable ex div basis	8,000

At acquisition date, all the identifiable assets and liabilities of David Ltd were recorded at

amounts equal to fair value except for:

	Carrying amount	Fair value	Useful life at acquisition date
Land	700,000	900,000	Sold 30/4/2022
Plant and equipment (cost $500,000)	$400,000	$404,000	5 years
Trade mark	50,000	60,000	Indefinite life
Motor vehicle (cost $90,000)	60,000	75,000	5 years
Inventories	2,000	12,000	100% sold externally during the year ended 30/6/2021

Any valuation reserves created are transferred on consolidation to retained earnings when assets are sold or fully consumed.

Additional information

1. On 1 July 2021, Bowie Ltd has on hand inventory worth $34 000, being transferred from David Ltd in June 2021. The inventory had previously cost David Ltd $30 000.
2. On 1 January 2022, David Ltd sold an item of plant with a carrying amount of $115 000 to Bowie Ltd for $125 000. Bowie Ltd treated this item as inventory. The item was still on hand at the end of the year. David Ltd applied a 20% depreciation rate to this plant.
3. On 1 March 2022, David Ltd acquired $9 000 inventory from Bowie Ltd. This inventory originally cost Bowie Ltd $5 000. 25% of this inventory has been sold to external parties for $35,000.
4. On 1 January 2021, Bowie Ltd sold office equipment to David Ltd for $2,000. This office equipment had originally cost Bowie Ltd $5 000 and had a carrying amount at the time of sale of $1,000. Both entities charge depreciation at a rate of 20% p.a.
5. On June 2021 Bowie Ltd gave David Ltd a loan of $425 000. David Ltd has not made any repayments on the loan. Interest is charged at 15% per annum on the loan and the last interest payment was made on 31 March 2022. Both companies have recorded accruals at year end.

The corporate tax rate is 30%

Required:

1. Prepare the acquisition analysis as at 1 July 2020 for the Bowie Ltd Group.
2. Prepare the consolidation worksheet entries as at 30 June 2022 for the Bowie Ltd Group.
3. Prepare the consolidation worksheet for the Bowie Ltd Group as at 30 June 2022, using the attached template.
4. Prepare a consolidated Balance sheet using account format, for the Bowie Ltd Group as at 30 June 2022. Please ensure all sub-headings and sub-totals are included.