Q3 Humpty Doo Ltd obtained 100% control over Noonamah Ltd by acquiring all of the issued ordinary shares on the 1st July 2021 at a cost of $137,500. The equity of Noonamah Ltd at that time consisted of: Share capital $ 68,750 Retained earnings 20,625 The identifiable net assets of Noonamah Ltd were shown in the financial statements at their fair value. The tax rate is 30%. In the year to the 30th June 2022 the following transactions took place: i) Noonamah Ltd purchased inventory from Humpty Doo Ltd at a cost of $79,500. Of these purchases by Noonamah Ltd there remained in inventory a balance of $33, 125 at the end of the financial year on which Humpty Doo Ltd had made a profit before tax of $6,625. ii) Humpty Doo Ltd sold new plant, with an expected 5 year life, to Noonamah Ltd on 1st January 2022 making a gain on the transaction of $13,250. Asia Pacific College of Business and Law ACT305 Corporate Accounting Assignment Semester 1, 2022 Page 4 of 4 iii) An interim dividend was paid by Noonamah Ltd on 14th February, 2022 to Humpty Doo Ltd of $6,625. iv) To aid with the administration costs of the group Humpty Doo Ltd provided Noonamah Ltd with office space for which it charged $3,320. v) The CFO of Humpty Doo Ltd conducted and impairment test at the end of the financial year and identified that Goodwill was impaired by $21,200. vi) As the non-current assets are measured on a fair value measurement basis, at the same time as the impairment test the CFO also revalued land which resulted in an increase to the revaluation surplus of a $5,300 gain with a total surplus balance of $37,100. At the 30th June 2022 the companies had the following financial information: Humpty Doo Ltd Noonamah Ltd Sales revenue $165,625 $156,350 Dividend revenue 6,625 ---- Other income 6,625 13,250 Gains on sale of non-current assets 6,625 13,250 Total income 185,500 182,850 Cost of sales (139,125) (119,250) Other expenses (19,875) (6,625) Total expenses (159,000) (125,875) Profit before income tax 26,500 56,975 Income tax expense 8,944 12,919 Profit for the year 17,556 44,056 Retained earnings (1/7/21) 39,750 19,875 57,306 63,931 Dividend paid (16,563) (6,625) Retained earnings (30/6/22) $40,743 57,306 Required Prepare the consolidation journal entries for consolidated financial statements prepared by Humpty Doo Ltd at 30 June 2022. Acquisition analysis, BCVR entries, Pre-acquisition entries, Intragroup entries (total 20 marks)