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On 1 July 2040, Esperance Lid purchased 50% of the shares of Albany Lid for $375,000, which is now operated as a joint venture. This shareholding gave Esperance joint control of the operations of Albany Ltd. At that date, equity of Albany Ltd consisted of: Share capital 336,000 Asset revaluation surplus 48,000 Retained earnings 240,000 At the date of acquisition, all assets and liabilities of Albany Ltd were deemed to be at their fair values, except for Inventory (carrying amount $290,000 and fair value of $330,000) and for Plant (carrying amount $480,000 and fair value of $624,000). For the year ended 30 June 2041, Albany Ltd recorded an after-tax profit of $302,400 and declared the final dividend of $115,000. An interim dividend of $58,000 was paid on 31 December 2040. As at 30 June 2041, the Shareholders' funds section of the Statement of Financial Position of Albany Ltd showed the following: $ Share capital 336,000 Asset revaluation surplus 72,000 Retained earnings 369,400 Additional Information Albany Ltd sold the inventory on hand at the date of acquisition by 31 December 2040 The plant asset of Albany Lid has a remaining useful life of five (5) years The land asset was revalued by Albany Lid during the current financial asset. On 15 June 2041, Esperance Ltd sold inventory to Albany Lid for $24,000. The inventory had a cost of $21,600. The inventory was still on hand at year end. On 20 May 2041, Albany Ltd sold inventory to Esperance Lid for $13,200. The inventory had a cost of $9,600. Sixty percent (60%) of the inventory was still on hand at year end. On 1 April 2041, Esperance Lid sold equipment to Albany Ltd for $875,000. Esperance Lid recorded a profit before tax of $86,400 on this sale. This equipment has remaining useful life of ten (10) years, with benefits expected to occur evenly in these years. The tax rate is 30%. Esperance Ltd is a parent entity and prepares consolidated accounts and recognises dividends as income when received. Required: (a) Prepare a table to show the acquisition analysis of Albany at 1 July 2040; clearly show any supporting calculations. (6 marks) 2041. (9 marks) (b) Calculate the investor's share of the profit of the joint venture for the year ended 30 June (c) Prepare the consolidation worksheet entries for Esperance Ltd in relation to its investment in Albany Lid for the year ended 30 June 2041