Part A: Carefully read the following: You are an accountant for an accountancy company that has the following organisational procedures for preparing consolidated accounts: . Prior to preparing consolidated accounts, identify whether the company is a reporting entity. All consolidated accounts are to be prepared using Microsoft Excel. All consolidated accounts must be prepared based on GAAP principles. Consolidated accounts must be prepared within 3 working days of receipt of information from client. All data included in the client's data must be checked to ensure it is accurate and reliable. Adjustments must be made accordingly and noted. Consolidated accounts and information on type of reporting identity must be submitted to the Senior Accountant for review prior to submission to the client. Consolidated accounts must be prepared as Financial Statements according to AASB10 Consolidated Financial Statements. Valuations must be according to the AASB 116 Property, Plant and Equipment. The company complies with the Privacy Act 1988, the Australian Privacy Principles and the APES 110 Code of Ethics. One of your clients is Hanks Tanks Ltd. Hanks Tanks has just acquired 75% of the capital of Shanks Banks Ltd for the sum of $535,000. Complete the following activities: 1. Prepare Consolidated Accounts. Completing this assessment will demonstrate your ability to prepare the required consolidated accounts according to your company's organisational procedures, as well as to AASB Standards. Review the information in "Hanks Tanks Information". Ensure that you check all the information provided to you to ensure that it is accurate and reliable. Create an Excel Workbook for this activity. Save it as Consolidated Accounts. Enter the relevant data from Hanks Tanks Information into the first Worksheet