On 1 July 20X5, Arenas Ltd gained control of Jamison Ltd by buying 80% of its shares for $65 000. At this date Jamison had share capital $40 000 and retained profits $30 000. The consolidation worksheet for 30 June 20x7 is shown below. Additional information: Goodwill impairment is $1 000 in the year ended 30 June 20x7. Intra-group sales of inventory are as follows: Cost Sale price In stock at 30/6/20X7 Current year: Arenas to Jamison 25 000 30 000 50% Jamison to Arenas 10 000 15 000 100% Prior year: Arenas to Jamison 5 000 10 000 0% Included in other assets of Arenas is an equipment purchased from Jamison on 1 July 20X5 for $10 000. The equipment had been fully depreciated by Jamison at the time of sale, with no residual value. Arenas depreciates the equipment at 25% on cost. Dividends were paid out of current period profit. Required: 1. Provide all necessary elimination entries in consolidation journal form (11 marks). NOTE: You don't have to complete the worksheet. Only journal entries for eliminations are required. You do not need to type the narrations under journal entries. 2. What are the dollar balances for the following items as at 30 June 20x7 (3 marks): NCI Net profit (1.5 marks) NCI Opening retained profits (1.5 marks) Please type your answers to the above questions in the blank space provided under the question. Reminder: There will be no marks allocated to workings. Clearly label the DR and CR sides for each elimination entry (otherwise no marks). Do not have unnecessary space between your answers (there's a limit of 40 lines in the answer space). Combined consolidation worksheet as at 30 June 20x7 Arenas Jamison Sum Eliminations Group Allocation to Dr Cr NCI Parent Sales 94 000 82 000 176 000 Cogs 57 000 36 000 93 000 Gross profit 37 000 46 000 83 000 Other revenues 17 000 6 000 23 000 Other expenses 22 000 34 000 56 000 Net profit 32 000 18 000 50 000 Opening retained profits 26 600 38 000 64 600 Profit available 58 600 56 000 114 600 less Dividends 27 000 15 000 42 000 Retained profits 31 600 41 000 72 600 Capital 90 000 40 000 130 000 121 600 81 000 202 600 Owners 'equity Other liabilities 12 000 15 000 27 000 Accum depreciation 10 000 14 000 24 000 143 600 110 000 253 600 Inventory 23 400 26 000 49 400 Investm't in Sub 65 000 65 000 Other assets net 55 200 84 000 139 200 143 600 110 000 253 600