Preston Ltd purchased all the equity of Gould Ltd on 1 January 20X4 for $74000. At the control date, the equity of Gould was recorded as:

Paid-up capital $30000

Retained profits $17000

and its assets were recorded at fair value except for:

Land: Carrying amount $47000 Fair Value $70000

Inventory Carrying amount $28000 Fair Value $21000

Goulds inventory held at the control date was sold during 20X4. Gould uses the AASB 116 cost model to measure the land but, for group purposes, revaluation to fair value is the model applied. Fair values at 31 December 20X4 and 20X5 were $86 000 and $79 000 respectively. Goodwill impairment recognised was $600 in 20X4 and $2500 in 20X5.

Required: Prepare journal entries for consolidation data adjustments and/or eliminations:

(a) at the control date;

(b) one year after control date on 31 December 20X4;

and (c) two years after control date on 31 December 20X5.

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