please help me to complete the whole question,it is from acf2100 monash assignment

ACC/ACF2100 Financial Accounting 2017 Semester 2 Individual Assignment Office Use Only Question Marks allocated Weighting: 10% 1 2 24 64 Presentation effectiveness 12 Total 100 Due date: Friday 22nd September by 3pm (week 9) Submission: 1. A hard copy of the assignment must be submitted in the relevant assignment box on your home campus by the due date. Work submitted for assessment must be accompanied by a completed and signed assignment coversheet. AND 2. A copy of your assignment must be uploaded to Moodle by the due date. Failure to meet one or both of the submission requirements will result in late penalties being applied. Extensions of time and penalties for late lodgement: A penalty of 10% of the total mark allocated to this assessment task will be deducted for each day, or part thereof, it is late. Applications for an extension of time allocated to an in-semester assessment task must be made by completing the in-semester special consideration application form. The application form must be submitted to the Chief Examiner for consideration no later than two University working days after the due date. Return of marks: Marked assignments will be returned to you during tutorials approximately two weeks after the due date. You should retain the marked copy of your submission until the final results for the unit are released. General assignment instructions: This is an individual assignment. Plagiarism and collusion are prohibited. Marks are also allocated for effective presentation of your written work. ACC/ACF2100 Financial Accounting 2017 Semester 2 1 Individual Assignment (Include this question page in your report) Office Use Only Question Marks allocated Presentation effectiveness 15 Question 65 Total 80 Marks received On 1 July 2011, Parent Ltd acquired 100% of the share capital of Son Ltd for $ 1,000,000. At that time, the equity of Son Ltd consisted of: Share capital $ 600,000 General reserve 170,000 Retained earnings 80,000 All the identifiable assets and liabilities of Son Ltd were recorded at fair value except for: Carrying Amount Fair Value Land $ 550,000 $ 600,000 Plant and equipment $ 395,000 $ 435,000 On 1 July 2011, the plant and equipment had a further five-year life and was expected to be used evenly over that time. It originally cost $600,000, and had accumulated depreciation of $205,000 at 1 July 2011. The land on hand at acquisition date was sold to a third party in March 2015. The goodwill was impaired by $8,700 on 30 June each year since acquisition. Tax rate is 30%. The following intra-group transactions have taken place: (T1) On 10 June 2015, Son Ltd paid $60,000 to Parent Ltd for services rendered. (T2) During the year ended 30 June 2014, Son Ltd sold inventory to Parent Ltd for $90,000. The inventory originally cost $80,000, and half was sold to a third party by 30 June 2014. The inventory has since been sold to a third party during the year ending 30 June 2015. (T3) During the year ended 30 June 2015, Son Ltd sold inventory to Parent Ltd for $108,000. There was a $16,000 mark-up on the cost. All inventory remains on hand at 30 June 2015. (T4) On 1 July 2012, Parent Ltd sold computers to Son Ltd for $50,000. At the time of transfer, the computers had a carrying amount of $44,000 in the books of Parent Ltd. The computers have five years of life remaining (For depreciation of non-current assets, Parent Ltd and Son Ltd use straight line method). 2 (T5) On 1 March 2015, Son Ltd sold equipment to Parent Ltd for $55,000, this asset having a carrying amount at the time of sale of $46,000. Son Ltd had treated the asset as a depreciable non-current asset, being depreciated at 15% on cost, whereas Parent Ltd records the equipment as inventory. Parent Ltd sold this asset to a third party on 12 June 2015 for $61,500. (T6) On 1 January 2015, Son Ltd acquired furniture for $45,000 from Parent Ltd. The furniture had originally cost Parent Ltd $62,000 and had a carrying amount at the time of sale of $48,000. The sale was made on credit and, at 30 June 2015, $4,500 was still outstanding. Both entities apply depreciation at a rate of 10% p.a. straight line. Required: (a) Prepare an acquisition analysis at 1 July 2011. (b) Prepare the revaluation and pre-acquisition journal entries at 30 June 2015. (c) Prepare the consolidation journal entries for intra-group transactions at 30 June 2015. Presentation requirements: Try your best to construct your report as effective as possible. Ensure all intra-group transaction adjustments are correctly labeled as T1 - T6. Failure to do so will result in a mark deduction. Narrations must be provided. Show all workings. 3 Provide your solutions from here. 4