Q10.1 6 Points On 1 July 2021 Corman Ltd acquired 30% of the shares in Dutton Ltd at a cost of $240,000. The directors of Corman Ltd believe that they exert 'significant influence' over Dutton Ltd. At that time the equity in Dutton Ltd consisted of: Share capital $500,000; Retained profits $230,000 This equity at the acquisition date reflected the fair value of net assets in Dutton Ltd. The equity of Dutton Ltd for the year ended 30 June 2022 is as follows: Additional information: For the year ended 30 June 2022, Dutton Ltd paid a dividend of $25,000 and transferred $20,000 to general reserve. The profit after tax (before dividends and transfer to general reserve) of Dutton Ltd for the year ended 30 June 2022 was $110,000. In January 2022, Dutton Ltd sold inventories to Corman Ltd for $16,000. These inventories had previously cost Dutton $12,000 and remains unsold by Corman Ltd as at the year ended 30 June 2022. Note that as at the date of acquisition of Dutton Ltd, Corman Ltd was (and still is) a controlling entity. Corporate tax rate of 30% applies, where applicable. REQUIRED: Prepare the relevant consolidation journal entries on 30 June 2022, to account for Corman Ltd.'s investment in Dutton Ltd. ( 6 marks)