On 1 July 2021, James Ltd acquired all the issued shares of Dean Ltd for $350,000. At this date, the financial statements of Dean Ltd showed the following:

	$
Share capital	270,000
Retained earnings	26,500
General Reserve	8,800
Total equity	305,300
Goodwill	25,000

At acquisition date, all the net identifiable assets and liabilities in Dean Ltd were recorded at amounts equal to their fair value except for:

Asset	Carrying amount ($)	Fair Value ($)
Inventories	15,000	18,000
Plant (cost $400,000)	210,000	220,000

The Plant was calculated to have a further life of 5 years, and was depreciated on a straight-line basis. All inventory was sold by 30 June 2020.

Assume 30% tax rate

Required:

1. Prepare the acquisition analysis at 1 July 2021.
2. Prepare the consolidation entries at acquisition date, 1 July 2021. Include narrations for each entry.
3. Prepare the consolidation worksheet as at 1 July 2021.
4. Prepare a Balance sheet for the reporting Group, James Ltd as at 1 July 2021 in narrative format.