Preparation of worksheet subsequent to acquisition, no fair value/carrying amount differences at acquisition date. On 1 July 2018, Nick Ltd acquired all the issued shares (ex div.) of Bear Ltd. At this date the financial statements of Bear Ltd showed the following balances in its accounts:

Share capital

150000

Retained earnings

80000

General reserve

40000

Dividend payable

15000

Goodwill

10000

At 1 July 2018, all the identifiable assets and liabilities of Bear Ltd were recorded at amounts equal to their fair values.

The financial statements of Nick Ltd and Bear Ltd at 30 June 2019 contained the following information:

Nick Ltd

Bear Ltd

Profit for the period

35 000

25 000

Retained earnings (1/7/18)

90 000

80 000

Transfer from general reserve

0

10 000

Retained earnings (30/6/19)

125 000

115 000

Share capital

700 000

150 000

General reserve

92 000

30 000

Total Equity

971 000

295 000

Provisions

30 000

20 000

Payables

15 000

25 000

Loans

55 000

110 000

Total Equity & Liabilities

1 017 000

450 000

Plant

600 000

820 000

Accum. Depreciation

(295 000)

(650 000)

Fixtures

300 000

120 000

Accum. Depreciation

(180 000)

(80 000)

Land

200 000

140 000

Brands

50 000

30 000

Shares in Bear Ltd

277 000

0

Inventory

45 000

40 000

Cash

5 000

7 000

Receivables

15 000

13 000

Goodwill

0

10 000

Total Assets

1 017 000

450 000

Required

Prepare the consolidation journal entries and the consolidation worksheet.