P5.2 Consolidation adjustments and elimination entries The financial statements of Jewel Ltd and its subsidiary Opal Ltd are shown below: Additional information: (a) Jewel Ltd acquired the interest in Opal Ltd on 1 January 200 when the shareholders' equity of Opal was as follows: (b) Goodwill and non-controlling interests Additional information: (a) Jewel Ltd acquired the interest in Opal Ltd on 1 January 20x0 when the shareholders' equity of Opal was as follows: (b) Goodwill and non-controlling interests Non-controlling interests are recognized at fair value on acquisition date. Fair value of non-controlling interests as at 1 January 200 $112,500 Goodwill impairment is as follows: $50,000 in previous years and $40,000 in the current year. (c) Intercompany sales Intercompany sales made by Jewel to Opal during 202 Profit on intercompany sales included in Opal's inventory as at 31 December 202 $100,000 Tax expense on profit on intercompany sales has been properly charged to the income statement of Jewel during 202. (d) Taxation rate was 20%. Tax effects are to be considered wherever appropriate. (b) Goodwill and non-controlling interests Non-controlling interests are recognized at fair value on acquisition date. Fair value of non-controlling interests as at 1 January 200 Goodwill impairment is as follows: $50,000 in previous years and $40,000inthecurr (c) Intercompany sales Intercompany sales made by Jewel to Opal during 20x2 Profit on intercompany sales included in Opal's inventory as at 31 December 202 Tax expense on profit on intercompany sales has been properly charged to the income statement of Jewel during 202. (d) Taxation rate was 20%. Tax effects are to be considered wherever appropriate. Required: 3. Perform an analytical check on consolidated retained earnings as at 31 December 202. P5.2 Consolidation adjustments and elimination entries The financial statements of Jewel Ltd and its subsidiary Opal Ltd are shown below: Additional information: (a) Jewel Ltd acquired the interest in Opal Ltd on 1 January 200 when the shareholders' equity of Opal was as follows: (b) Goodwill and non-controlling interests Additional information: (a) Jewel Ltd acquired the interest in Opal Ltd on 1 January 20x0 when the shareholders' equity of Opal was as follows: (b) Goodwill and non-controlling interests Non-controlling interests are recognized at fair value on acquisition date. Fair value of non-controlling interests as at 1 January 200 $112,500 Goodwill impairment is as follows: $50,000 in previous years and $40,000 in the current year. (c) Intercompany sales Intercompany sales made by Jewel to Opal during 202 Profit on intercompany sales included in Opal's inventory as at 31 December 202 $100,000 Tax expense on profit on intercompany sales has been properly charged to the income statement of Jewel during 202. (d) Taxation rate was 20%. Tax effects are to be considered wherever appropriate. (b) Goodwill and non-controlling interests Non-controlling interests are recognized at fair value on acquisition date. Fair value of non-controlling interests as at 1 January 200 Goodwill impairment is as follows: $50,000 in previous years and $40,000inthecurr (c) Intercompany sales Intercompany sales made by Jewel to Opal during 20x2 Profit on intercompany sales included in Opal's inventory as at 31 December 202 Tax expense on profit on intercompany sales has been properly charged to the income statement of Jewel during 202. (d) Taxation rate was 20%. Tax effects are to be considered wherever appropriate. Required: 3. Perform an analytical check on consolidated retained earnings as at 31 December 202