Prepare the Acquisition analysis, Consolidation Adjustments, Worksheet and consolidated financial statements of Winter Manufacturing Ltd at 30 June 2021 using consolidation worksheet.

Assigment Question 1 V On 01 Jun 2020 Winter Manufa during Ltd acquired all the issued shares of Summer Ltd for 120000 The equity of Summer at this date is as follows: Share capital $ 75000 Retained earnings 26000 Asset revalution surplus 12000 Al the identifabe assets and abilities of SummerLtd were recorded at amouts equal to their fairvalues at acquisition date except for Inventory Machine (the OSS Carying amount 30500 137000 Fairvalue 31500 138000 150000 10 years The equipment was considered to have a futher usefullie: of the inventory 60% was soll by 30 June 2021. The folowing information was provided by the two companies at 30 June 2021. Poft before tax Income tax expense Poft for the year Retained earnings 01/07/2020) Retained earnings 30/05/2021) Share capital Retained earnings Genealresene Asset revaluation suplus liabilties Winter Summer 111000 85000 75000 24500 36000 60500 80000 26000 144000 86500 360000 75000 144000 86500 10000 0 18500 12000 128500 22000 65100 1955.00 250000 28000 350000 150000 -11 4000 -13000 55000 30500 120000 0 651000 19550 Land Plant and Equpment Accumulated depreciation inventory Investment in Summer In addition there are some inta-group tarsadons between Winterand Summer shown bebw. a. During the year, Winter so iventory costing 3200 to Summerfor 5000. At the end of the year, 30% of the inventory is still hebi on hand by Winter 0.on 1 July 2020, Witersol a plant to Summer. The plant has carrying amount of 88.000 Witersodi to Summerfor 90.000 The remaining useful life is estimated to be 5 yeas. Required Prepare the Acquisition analysis. Consoidation Adjustments Worksheet and consolidated financial statements of Winter Manufacturing Ltd at 30 June 2021 using consolidation worksteet