On 30 June 2023 , Teddy Ltd. paid $140,000 to buy all the shares of Millie Ltd. On this date, Millie Ltd. reported the following balances. On the date of acquisition, all the assets and liabilities of Millie Ltd. were at fair value, except: - Land was recorded at a cost of $190,000 but had a fair value of $150,000 - Millie Ltd. had recorded $60,000 as an expense for in-process research and development. However, Teddy Ltd. considered that this research and development was now an asset with a fair value of $32,000. Millie Ltd. considered that the fair value should be $45,000. Required: a) Prepare the acquisition analysis on 30 June 2023. (1 mark) b) Prepare all the relevant journal entries required for the consolidation worksheet on 30 June 2023. (1 mark) c) Justify your assumptions you made in preparing the acquisition analysis in question 1 . (1 mark) Teddy Ltd. owns all the share capital of Millie Ltd. The income tax rate is 30%. Required: Prepare all the relevant journal entries required for the consolidation worksheet on 30 June 2023 for the following independent transactions. a) On 1 September 2022, Millie Ltd. borrowed $80,000 from Teddy Ltd. at an annual interest rate of 5.4%. The loan term was for 5 years, and it was an interest-only loan with interest payable by 31 July every year. (1 mark) b) Millie Ltd. sold inventory costing $28,000 to Teddy Ltd. Millie Ltd. recorded an $8,000 profit before tax on these transactions. All these transactions occurred during the financial year 2022-23. On 30 June 2023 , Teddy Ltd. sold 90% of the inventory to external parties, and the receivable was still outstanding. (2 marks)