Prailu n On 1 July Ella, Fluffy Ltd acquired all the issued shares of Glider Ltd. Fluffy Ltd paid $311 DEG in cash and 20 non shares in Fluffy Ltd valued at $3 per share. At this date, the equity of Glider Ltd consisted of 565 MG share capital and $511!!! retained earnings. At 1 July zine, all the identiable assets and liabilities of Glider Ltd were retarded at amounts equal to their fair values except for: carrying amount Fair value Plenum-at 5150:1001 $120000 5123M] Patents so one 105 one Inventories 1B 000 22 son The plant was considered to have a further 5-year life. The Patent: were sold for 5121'} MG to an external entity on 12 August 2MB. The inventory vita all sold by 31! June 2019. Additional information [a] Fluffy Ltd sells certain raiiiiI materials to Glider Ltd to be used in its manufacturing process. At 1 July 2MB. Glider Ltd held inventory sold to it by Fluffy Ltd in the previous year at a prot of sane. During the tom-2:: year, Huffy Ltd sold inventory to Glider Ltd for $21 one. None of this was on hand at in June 2021:. [b] Glider Ltd also sells items of inventory to Fluffy Ltd. During the 2G15-2D year, Glider Ltd sold goods to Fluffy Ltd for 545% At 3!! June 2am. inventory which had been sold to Fluffy Ltd at a prot of $3M was still on hand in Fluffy Ltd's inventory. (c) On 1 July 2019, Glider Led sold an item of plant to Fluffy Led for $15 000. This plant had a carrying amount in the records of Glider Ltd of $14 000 at time of sale. This type of plant is depreciated at 10% p.a. on cost. (d) On 1 January 2019, Fluffy Ltd sold an item of inventory to Glider Ltd for $18 000. The inventory had cost Fluffy Led $16 000. This item was classified by Glider Led as plant. Plant of this type is depreciated by Glider Ltd at 20% p.a. (e) On 1 March 2020, Glider Led sold an item of plant to Fluffy Led. Whereas Glider Led classified this as plant, Fluffy Led classified it as inventory. The sales price was $9000 which included a profit to Glider Led of $1500. Fluffy Ltd sold this to another entity on 31 March for $9900. [f) The tax rate is 30%. At 30 June 2020, the following financial information was provided by the two companies: Fluffy Lid Glider Lid Dr Cr Dr Gr Sales revenue 64 500 78 000 Cost of sales 30 900 46 350 Trading expenses 4 800 9000 Office expenses 7 950 4050 Depreciation expenses 1 800 3900 Proceeds on sale of plant 9 000 15 000 Carrying amount of plant sold 7 500 14000 Income tax expense 11 100 7300 Share capital 96 000 66 000 Retained earnings (1/7/19) 46 000 31 500 Current liabilities 21 100 10 500 Deferred tax liability 11 000 15000 Plant 57 000 107 250 Accumulated depreciation - plant 18 300 33 450 Intangibles 12 000 11 100 Deferred tax assets 8 100 9 450 Shares in Glider Ltd 90 000 Inventories 28 500 24 600 Receivables 8 250 12 450 267 900 267 900 249 450 249 450 Required Prepare a consolidation worksheet ENTRIES ONLY for the preparation of the consolidated financial statements of Fluffy Ltd at 30 June 2020