Question 4 On 1 July 2017, Father Ltd acquired 80% of the share capital of Son Ltd for $500,000. On that date, the shareholders' equity of Son Ltd consisted of share capital and retained earnings which were: Share Capital (80,000 shares) $400,000 Retained Earnings $150,000 At 1 July 2017, all the assets and liabilities of Son Ltd were recorded at amounts equal to fair value except for land and plant. Land had a carrying amount of $250,000 and a fair value of $280,000. Plant had a fair value of $60,000 and a carrying amount of $45,000 (original cost was $75,000). The remaining useful life of the plant at date of acquisition is 5 years. During the financial year ended 30 June 2020, Son Ltd sold to Father Ltd goods which cost $20,000 for $40,000. At 30 June 2020,40% of the goods had not been sold by Father Ltd. On 1 July 2017, Father Ltd sold an item of inventory to Son Ltd at a profit of $12,000 before tax. Son Ltd records this asset as equipment and applies a 10% straight line depreciation method. During the financial year ended 30 June 2020, Son Ltd also provided Father Ltd with management services. The total charge for these services was $36,000 of which $9,000 was outstanding at 30 June 2020. During the financial year ended 30 June 2020, Son Ltd paid a dividend of $8,000. No other dividends had been paid by Son Ltd. For the year ended 30 June 2020, the operating profit after tax of Son Ltd was $60,000. At 30 June 2019, the balance in retained earnings of Son Ltd was $288,000. The tax rate is 30%. Father Ltd satisfied the requirements of AASB 10 regarding capacity to control Son Ltd during the required period, and applies the partial goodwill method. Required: Prepare consolidation adjustments, including any non-controlling interest, in consolidation journal form according to AASB 10 Consolidated Financial Statements as at 30 June 2020. (Total = 32 marks)