on 1st july 2021, Rudge ltd acquired all the issued shares of small ltd.The purchase consider of cash payment of 160000, issue of 100000 Rudge ltd SI shares with value of 1.80 each share, and tranfer of land with a carring amount of 80000 and the market value of 140000. at that date Small Lyd's equity was made up of share capital $215,000 general reserve $65,000 and retained earnings $72,400. All the identifiable assets and liabilities of Small Ltd were recorded at amounts equal to fair value except for: Carrying amountPatent $95,000Land 100,000Inventories 32,000Small Ltd had guaranteed a loan which was valued at $17,000. The patent was considered to have an indefinite life. The tax rate is 30%RequiredPrepare the consolidation work journal entries at 1st july 2021.

14 points Sa QUESTION SEVEN (14 Marks) On 15 july 2021, Rudge Lid acquired all the issued shares of Small Lid. The purchase consideration consisted of a cash payment of $160,000, the issue of 100,000 Rudge Lid SI shares with a valve of $1.80 each share, and the transfer of land with a carrying amount of $80,000 and a market value of $140.000. At that date Small Lid's equity was made up of share capital $2 15,000, general reserve $65,000 and retained earnings $72,400. All the identifiable assets and Fateies of Small Lid were recorded at amounts equal to fair value except for: Carrying amount Fair value Patent S 95,000 S 120,000 LEd 100,000 145,000 32,000 47.000 Small Lid bad guaranteed a loan which was valued at $17,000. The patent was considered to have an indefinite life. The tax rate is 309%. Required Prepare the consolidation worksheet journal entries at 1ST July 2021. V EVEAY