Question 1: Consolidations 1 (40 marks) On 1 July 2021 Buzz Ltd acquired the shares of Debra Ltd for $29100. On the date of acquisition, the balance sheets of Buzz Ltd and Debra Ltd showed the following respectively: Buzz Ltd Balance Sheet as at 1 July 2021 Share capital $60000 Retained earnings $9100 Cash at bank $10000 Equipment $30000 Investment in Debra Ltd S29100 Debra Ltd Balance Sheet as at 1 July 2021 Share capital $30000 Retained earnings (Losses) (85000) Cash at bank $5000 Inventories (fair value is $6000) $2000 Patent (fair value is $17000) $18000 The Company tax rate is 30%. Required: 1. Complete the acquisition analysis as at the date of acquisition (8 marks) 2. Prepare the adjusting journal entries for the consolidation worksheet at 1 July 2021. Narrations are required. (17 marks) 3. Complete the consolidation worksheet as at 1 July 2021on the next page. (15 marks)