On 1 July 2020 P Ltd purchased 100% of the issued capital of S Ltd for a purchase price of $929,000. At that date the shareholders equity of S Ltd disclosed:

Share capital $85,000

General reserve $116,000

Retained earnings $213,000

Additional information:

1. At the date of acquisition, all net identifiable assets of Sub Ltd were recorded at fair value
2. Sales by S to P Ltd were $52,000.
3. P Ltd sold inventory of $105,000 to S Ltd on 1 July 2021. The original cost of this inventory to P Ltd was $45,000. S Ltd has 31% of this inventory on hand at 30 June 2022

4. Company tax rate is 30%

The consolidation journal entries (partial) are listed below:

30 June 2022
Share capital		$85,000
General reserve		$116,000
Retained earnings		$213,000
Goodwill		$515,000
	Investment in S		$929,000
Sales Revenue		$52,000
	Purchases		$52,000
Sales revenue		$105,000
	Cost of goods sold		$ xxx
	Inventory
Deferred tax asset
	Income tax exp

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