Part A: (20 marks) On 1 January 2021, Westfall Ltd acquired all the issued shares (cum div.) of Charles Ltd for $430,000. At that date the equity of Charles Ltd was recorded at: Share capital $310,000 Retained earnings $40,000 General Reserve $50,000 On 1 January 2021, the recorded of Charles Ltd showed that the company has previously recorded a goodwill at cost of $10,000. Further, Charles Ltd had a dividend payable of $15,000, the dividend to be paid in April 2021. All other assets and liabilities were carried at amounts equal to their fair values. Required: Prepare the acquisition analysis at 1 January 2021. (11 marks) Prepare the consolidated worksheet entries for Westfall Ltds group at 1 January 2021. (9 marks) Part B: (24 Marks) On 1 July 2019 Dixon Ltd, a parent entity (therefore the company has to prepare a consolidated worksheet) acquires a 25% interest in the issued capital of Sussi Ltd for a cash consolidation of $80,000. At the date of acquisition, the shareholders equity of Sussi Ltd shows below: Share capital $165,000 Retained earnings $60,000 Total shareholders equity $225,000 Additional information On the date of acquisition, land and building have carrying amounts in the book of Sussi Ltd of $200,000 and $400,000 respectively. The fair value of the land at the time is $225,000, and the buildings fair value is $450,000. The buildings have a remaining expected useful life from 1 July 2019 for 20 years. For the year ending 30 June 2020, Sussi Ltd reported an after-tax profit of $50,000 from which it declared a dividend of $20,000. For the year ended 30 June 2021, Sussi Ltd reports an after-tax profit of $100,000, from which it declared a dividend of $50,000. Sussi Ltd revalues its land to $250,000 in June 2021. Dixon Ltd recognises dividends as revenue on receipt of the dividends (rather than recognizing dividends as they are declared by the investee). The tax rate is 30% Required: Calculate the amount of Dixons share of Sussi Ltds change in retained earnings for the year ended 30 June 2021, identifying the items needed in the calculation. (7 marks) Calculate the amount of Dixons share of Sussi Ltds adjusted profit for the year ended 30 June 2021, identifying the items needed in the calculation. (6 marks) Prepare journal entries for the year ended 30 June 2021 in the consolidated journal to account for the investment in Sussi Ltd. Exclude journal narrations. (11 marks)