on 1 July 2020, Kent Ltd acquired all the shore capital (cum-dividend) of sub Ltd for $490,000. The financial statements of Kent Ltd showed the equity of Sub Ltd at that date to be: Share capital 60 000 $5 shares $300 000 General reserve 40 000 Retained earnings 90 000 All the assets and liabilities of Sub Ltd were recorded at amounts equal to their for values at that cate except the following: Carrying amount Fair value Land $150 000 $170 000 Plant (Cost $400 000) $300 000 $350 000 Inventory $75 000 $80 000 . Additional information: On 31 March 2019 Sub declared a dividend of $10.000 (cum-div) basis. It was paid on 1 August 2020. On 10 September 2020, Sub Lte paid interim cash dividend of $10,000. At acquisition date, 1 July 2020, SUD Ltd has an unrecorded Patent that has a fair value of $20,000, and a Contingent Liability that has a fair value of $15 000. Piont has expected to have a further 5-year life. The tax rate is 305. Required: al Prepare the acquisition analysis os of 1 July 2020. b) Prepare the consolidation entries i.e., BCVR and pre-acquisition elimination entries) on 30 June 2021. on 1 July 2020, Kent Ltd acquired all the shore capital (cum-dividend) of sub Ltd for $490,000. The financial statements of Kent Ltd showed the equity of Sub Ltd at that date to be: Share capital 60 000 $5 shares $300 000 General reserve 40 000 Retained earnings 90 000 All the assets and liabilities of Sub Ltd were recorded at amounts equal to their for values at that cate except the following: Carrying amount Fair value Land $150 000 $170 000 Plant (Cost $400 000) $300 000 $350 000 Inventory $75 000 $80 000 . Additional information: On 31 March 2019 Sub declared a dividend of $10.000 (cum-div) basis. It was paid on 1 August 2020. On 10 September 2020, Sub Lte paid interim cash dividend of $10,000. At acquisition date, 1 July 2020, SUD Ltd has an unrecorded Patent that has a fair value of $20,000, and a Contingent Liability that has a fair value of $15 000. Piont has expected to have a further 5-year life. The tax rate is 305. Required: al Prepare the acquisition analysis os of 1 July 2020. b) Prepare the consolidation entries i.e., BCVR and pre-acquisition elimination entries) on 30 June 2021